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Philippine exports down by 1.8 pct in July

Xinhua, September 10, 2015 Adjust font size:

Philippine exports declined by 1.8 percent year-on-year to 5.33 billion U.S. dollars in July, owing to the decrease of eight major commodities, the Philippine Statistics Authority (PSA) said on Thursday.

The country's export revenues in July last year amounted to 5. 43 billion U.S. dollars.

Cumulative merchandise exports for the seven-month period registered a 4.1 percent decrease, from 35.66 billion U.S. dollars in 2014 to 34.21 billion in July. The major commodity groups that recorded drop for July include other mineral products, machinery & transport equipment, articles of apparel and clothing accessories, metal components, chemicals, coconut oil, ignition wiring set and other wiring sets used in vehicles, aircraft and ships and other manufactures.

With the drop on exports, Socioeconomic Planning Secretary Arsenio Balisacan stressed the need to improve domestic demand.

"Policies geared towards increasing domestic demand are essential to counter external weaknesses and to ensure that the country's growth trajectory remains on track," he said. Endi