Philippines exports continue to decline in August, albeit at a slower pace

Exports in Philippines continued to decline during the month of August, albeit at a slower pace due to the 11.6 percent rise in shipments of electronic products, which accounted for 53.7 percent of total exports.

Exports to the country's top trading partners , Japan and the U.S. , posted declines of 5.1 percent and 4.7 percent, respectively, data released by the Philippines statistics agency showed Tuesday. But exports to Hong Kong and China, the country's third and fourth largest markets in August rose 22.4 percent and 2.2 percent, Reuters reported.

Imports rose 12.2 percent in August after a decline the previous month due to increases in seven out of top ten major imported commodities led by transport equipment, which grew a hefty 103 percent in August from last year.

Moreover, Manila posted a wider trade deficit of USD2.023 billion in August compared with a USD1.048 billion gap in the same month last year. The Philippines posted annual growth of 7 percent in April-June from a year earlier, the highest level in three years, data showed.