PHILIPPINE exports fell 17.4 percent year-on-year in May, hitting their lowest level in more than three years, with seven major industry sectors posting declines during the month, preliminary government figures show.
The fall in May was larger that the 4.1 percent drop recorded in April and erased a 15.6 percent increase posted in May 2014, according to figures released Friday by the Philippine Statistics Authority (PSA).
The decline also marks the steepest since December 2011, when outbound shipment contracted by 18.9 percent.
Figures from the PSA show exports eased to $4.899 billion in May from $5.932 billion a year earlier, mainly traced to mineral products, machinery and transport equipment, other manufactures, electronic products, articles of apparel and clothing accessories, and ignition wiring set and other wiring sets used in vehicles, aircraft and ships.
Exports during the first five months of 2015 totaled $23.526 billion, down 5 percent from $24.772 billion in the year-earlier period.
MAYVELIN U. CARABALLO