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Philippine exports down by 3.3 pct in June

Xinhua, August 11, 2015 Adjust font size:

The Philippine exports plunged for the third consecutive month despite the recovery of the electronics sector in June, the Philippine Statistics Authority ( PSA) said Tuesday.

Merchandise exports fell by 3.3 percent year-on-year to 5.3 billion U.S. dollars in June on account of lower revenues from total agro-based and mineral products.

The value of outward shipments of agro-based products fell by 24.9 percent on account of lower revenues from fruits and vegetables, sugar and coconut products and other agro products.

Exports of mineral products decreased by 26.2 percent in June due to lower earnings from copper metal and other mineral products. Also, mineral product exports to the country's top markets posted steep declines during the month, particularly China, Switzerland and Thailand.

On the other hand, electronics sector gained momentum as exports of electronic products rose by 9.5 percent during the month, buoyed by semiconductors, which was at 16.9 percent. Endi