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
For comments and feedback: editorial@rttnews.com
Economic News