World Economy

Philippine Exports Plunge Further

Philippine Exports Plunge FurtherPhilippine Exports Plunge Further

In another indication that trade in the Philippines will be sluggish for the rest of the year, the country’s exports plunged for the 10th straight month in January, the Philippine Statistics Authority said, Asia First reported. Preliminary data from the PSA showed that exports in January slid 3.9% to $4.18 billion from $4.35 billion a year ago. The Philippines has been posting monthly year-on-year declines in export revenue since April 2015, with the January figure being the fastest decline in three months. On the back of the preliminary exports data, the government has warned that the Philippine domestic export industry is expected to be hurt by weak global trade this year. In January, National Economic and Development Authority data showed that the country’s manufacturing output grew to a six-year high, pushed by local demand. At the start of 2016, the interagency Development Budget Coordination Committee has trimmed its exports and imports growth targets for this year to 5% and 10% from 6% and 12%, respectively.