Philippines: Exports continue to fall in July
The Philippine Statistics Authority (PSA) reported Thursday that total revenue from Philippine expor…The Philippine Statistics Authority (PSA) reported Thursday that total revenue from Philippine exports settled at $5.3 billion – $0.1 billion lower than the total receipts recorded in the same period last year.
The value of total agro-based products fell for the sixth consecutive month in July 2015, declining by 24.5% to $322.2 million from $426.7 million in July 2014. This is traced to lower exports recorded from all commodity segments, particularly fruits and vegetables such as banana, coconut products, sugar products, and other agro-based products.
Although agro-based exports account for only 5% of the Philippines’ total exports, its implication on the domestic economy is significant as the agricultural sector hosts a sizeable portion of the country’s work force.