Philippine exports drop in September

Philippine exports drop in September

MANILA: Philippine exports dropped 1.2 percent year-on-year to US$3.599 billion in September, dragged down by weak demand for electronics, the National Statistics Office said on Thursday.

The figure came after a 0.8 percent rise in August.

Electronics exports, which accounted for 67.3 percent of total shipments in September, decreased 2.1 percent to $2.423 billion from $2.475 billion in the same period last year. In August, shipments were up 1.2 percent.

In the nine months to September, exports were up 3.4 percent from a year ago to $29.958 billion.

The government was targeting 8 percent growth for exports this year.

Apparel and clothing accessories were the second-biggest exports for the month, with 5.6 percent of the total and up 5.5 percent to $202.17 million.

Exports of petroleum products ranked third, valued at $74.03 million, up 52.4 percent year-on-year due to higher oil demand. -- AFP