PH exports drop 4.1% to 2-year low

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PHILIPPINE exports dropped 4.1 percent year-on-year in April, hitting a two-year low in what the government described as reflective of weak global demand.

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The contraction in April was a turnaround from 2.06 percent growth recorded in March and a 1.26 percent expansion in April 2014, preliminary figures from the Philippine Statistics Authority (PSA) showed.

April marks the biggest drop in exports since April 2013, when outbound shipments fell 11.1 percent.

Figures from the PSA show April exports contracted to $4.376 billion from $4.563 billion a year earlier on the back of declines posted by other mineral products; other manufactures; woodcraft and furniture; metal components; chemicals; ignition wiring sets and other wiring sets used in vehicles, aircraft and ships; articles of apparel and clothing accessories; and machinery and transport equipment.

Exports for the first four months of 2015 totaled $18.623 billion, down 1.2 percent from $18.840 billion in the same period in 2014.

MAYVELIN U. CARABALLO

mc/nt

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