Philippines exports shrunk by 0.8% in May

Blame it on electronic products.

According to BBVA, Philippines exports in May edged down by -0.8% y/y (consensus: -14.1%) as electronic products, which account for 35% of total exports, posted a decline of -9.3% y/y. Nevertheless, the export reading improved from a decrease of 11.1% in April and was much better than market expectations.

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