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Philippines’ Sept exports post sharpest decline in four years

by ChemOrbis Editorial Team -
  • 12/11/2015 (13:53)
According to data from the Philippine Statistics Authority (PSA), the country’s exports plunged 24.7% on the year in September, posting the sharpest decline in export revenues seen since September 2011. Lower exports were attributed to weakening global demand and plunging commodity prices.

Exports sales declined to $4.405 billion in September from $5.846 billion in the same month of 2014. In the first nine months, meanwhile, exports declined 6.9% to $43.746 billion from$46.976 billion in a year earlier.

Exports from manufacturing industry declined 23.6% to $3.8 billion from $5 billion in the same month of 2014 while exports for petroleum products slumped 83.7% to $13.7 million in September from a year earlier.

The Philippines’ primary export destination was Japan, with export revenue amounting to $905.84 million, which represented a slump of 47.7% from $1.733 billion in September 2014.
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