(RTTNews) - Tuesday, a report by the National Statistics Office of Philippines said that total exports dropped 18.3% on a yearly basis in September, slower than the revised 21% fall in the previous month. Economists had expected exports to fall 17.8%. Month-on-month, exports rose 4.6%, slower than the 4.9% rise in the preceding month.

Exports of electronic products, accounting for nearly 62% of total export revenue, slipped 13.2% year-on-year in September, after the revised 18.7% drop in the previous month. On a monthly basis, electronic exports climbed 9.3%, following the 7.5% increase in the preceding month.
Exports to the U.S., the main export market of the Philippines, dropped 19.7% year-on-year in September. Exports to Japan, the second largest export market, slid 5.4%.

In the first nine months of the year, total exports amounted to $27.64 billion, representing a drop of 29% from the same period last year.

by RTT Staff Writer

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