Philippine exports declined at a slower-than-expected pace in July, preliminary figures from the Philippine Statistical Authority showed Thursday.
Exports fell at a stable rate of 1.8 percent year-over-year in July, below economists' expectations for a 3.9 percent drop. It was the fourth successive monthly decrease.
The negative growth was mainly brought about by the decrease of eight major commodities out of the top ten commodities for the month, the agency said.
Shipments of machinery and transport equipment tumbled 55.2 percent in July from a year ago that for other manufactures slipped by 4.6 percent.
At the same time, exports of electronic products, accounting for 52.9 percent of the total exports, jumped 34.6 percent annually in July.
Japan remained country's top destination of exports during July, comprising 19.3 percent share to total exports, although it declined by 14.6 percent from the previous year
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