RHB | Philippines| Exports Take A Nosedive In May

Economic Research	10 July 2015
Philippines
Economic Highlights
Exports Take A Nosedive In May The Philippines’ merchandise exports tumbled by 17.4% y-o-y in May, from -4.1% in April and compared with +2.1% in March, on the back of sluggish global demand given challenging external economic environment and a high base effect. In particular, manufactured exports, which accounted for 85.7% of total exports, suffered a plunge during the month. This was due mainly to a sharper contraction in the exports of agro-based products and mineral products, while the exports of manufactured products slipped into a decline during the month. A smaller decline in the exports of petroleum products, however, partly mitigated the drop Economist:  Vincent Loo Yeong Hong  | +603 9280 2172
To access our recent reports please click on the links below: 07 July 2015 : June’s Inflation The Slowest In 21 Years 01 July 2015: Money Supply Climbed While Bank Lending Trended Lower in May 26 June 2015: Policy Rates Kept Unchanged As Domestic Activities Remain Firm 22 June 2015: Current Account Surplus Shrank in 1Q 11 June 2015: The Philippines' Exports Contracted In April 05 June 2015:Inflation Eased Further To A Nine-Year Low In May 01 June 2015:Money Supply Rose While Bank lending Slowed in April 29 May 2015:Economic Growth Losing Momentum In 1Q But Expected To Improve 15 May 2015:Policy Rates Maintained Amid Firm Economic Activities