RTTNews - Wednesday, a report by the National Statistics Office of Philippines said merchandise exports slipped 35.2% year-on-year in April, after a 30.8% fall in March. Economists expected a drop of 33.7%.
Month-on-month, exports were down 3.6%, following a 16% growth in March. Exports declined to US$2.8 billion in April from US$2.9 billion in the previous month.
Meanwhile, exports of electronic products, accounting for about 60% of the total export revenue, dropped 33.2% annually in April compared to a 33.8% fall in the previous month. However, on a monthly basis, exports rose 3.9%, but slower than a 19.9% increase in March. Electronic exports were valued US$1.68 billion in April, down from US$2.5 billion last year, but up from US$1.62 billion in March.
In April, exports to the U.S, accounting for 16% of total exports, dipped 35.3% year-on-year to US$447 million. At the same time, exports to other main trading partners including Japan, China and Hong Kong also recorded double-digit declines in the month.
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