But freefall said to be over as shipments gained
MANILA, Philippines – Philippine merchandise exports cotinued to decline in September, dropping 18.3 percent year-on-year to $3.634 billion, pulled down by a contraction in electronics shipments.
Still, the decline appeared to be moderating as shipments were up 4.6 percent from the previous month, the National Statistics Office said in a statement.
The NSO said that the decline in September was the slowest since December 2008, when exports dipped 11.4 percent.
In August, shipments also grew 4.9 percent, or $3.473 billion, from that of the previous month.