MANILA: Philippine exports fell by 11.4 percent in June, the second steepest decline so far this year, data released by the Philippine Statistics Authority (PSA) on Wednesday showed.
Total export receipts amounted to $4.754 billion in June, down 11.4 percent from $5.362 billion a year earlier. It was the second steepest decline this year after the 15.1-percent drop registered in March.
“The decrease was attributed to nine major commodities out of the top 10 export commodities for the month,” the PSA said.
Commodities that noted a drop include: mineral products (-41.1 percent); machinery and transport equipment (-31.6 percent); other manufactures (-26.1 percent); chemicals (-25.7 percent); woodcrafts and furniture (-19.2 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-10.2 percent); electronic products (-5.1 percent); metal components (-2.2 percent); and coconut oil (-2.0 percent).
This brought the first-half total merchandise exports to $26.832 billion, 7.5 percent lower than the $29.002 billion in the first half of 2015. Economists were not surprised.
“It was expected. Global demand continues to be weak amidst economic uncertainties in major export markets,” Cid Terosa, dean of the School of Economics of the University of Asia & the Pacific, told GMA “The rest of the year will have modest growth. For 2016, export growth may not go beyond 3.5 percent,” Terosa said.
Total merchandise exports fell by 5.6 percent to $58.648 billion for the whole of 2015 compared with $62.102 billion in 2014.
Asian Institute of Management (AIM) Program Manager John Paolo Rivera said exports might actually register more declines the rest of the year.
“This decrease in exports might continue, given that several mining companies have been suspended and that we are a heavy exporter of nickel and minerals,” he said in a separate text message to GMA.
