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.