Growth in Philippine exports slowed sharply in June as overseas sales of its electronic products dropped, data from the National Statistics Office showed Friday.
Exports grew 4.2 percent year-on-year in June following a 19.7 percent surge in May. This was the weakest development since March, when exports rose by a meager 0.8 percent. Economists had forecast a 12 percent growth during the month.
Export earnings in June amounted to $4.310 billion, up from $4.135 billion recorded in June 2011. Compared to May, this was 12.6 percent lower.
Shipments of electronic products, a major component among the country's export commodities, declined 14.6 percent annually in June. However, demand for this commodity has pick up by 0.7 compared to May.
by RTT Staff Writer
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