Electronics hurt as Philippine export demand plunges in US, China, others
October 11, 2012, 10:35 am TWN
MANILA -- Philippine exports recorded their biggest slump for the year in August as demand for electronic products plunged in the United States, China and other key markets, the government said Wednesday.
Exports totaled US$3.8 billion in August, down 9 percent from a year earlier, the National Statistics Office said in a statement, making it unlikely the government will achieve its target of 10 percent growth for the year.
Electronic products, which make up about half of the country's shipments overseas, dropped 14.9 percent year on year in August to US$1.8 billion, according to the statistics office.
The setback is only the second time exports have fallen this year, after lackluster economic growth in the West had seen demand for Filipino products slump 6.7 percent in 2011.