Philippines records consecutive export reductions
The Philippines saw a fifth consecutive month of falling exports in August, given recent sluggish growth in large economies across the world.
Socioeconomic Planning Secretary Arsenio Balisacan (Photo: philstar.com)According to government statistics, 5.13 billion USD was generated from outbound shipments in August, an annual reduction of 6.3 percent.
Export revenue in mining and agriculture fell 48.4 and 37.4 percent respectively during the period, making them major contributors to the overall downturn.
In the past eight months, the country faced a drop of 4.4 percent on year to 39.3 billion USD in export value.
Socioeconomic Planning Secretary Arsenio Balisacan said the status quo was not likely to change in the near future, due to shrinking global consumption, low oil prices and the effects of severe weather caused by El Nino on agriculture.
He urged the country to improve its domestic policies, diversify its products and expand its market.
According to Balisacan, all East and Southeast Asian economies aside from Vietnam recorded negative export returns in August.-VNA
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
World
Indonesia's first thermal power plant stops operating
Indonesia's Ministry of Maritime Affairs and Fisheries (MMAF) has held a press conference to inform about the country’s progress in the early decommissioning of the Cirebon-1 thermal power plant.
World
Thai central bank intervenes to stabilise currency
The Bank of Thailand (BoT) said it has intervened in currency markets at times to ease any excessive moves in the THB, adding that the current policy rate is robust and conducive to economic recovery, reported the Bangkok Post.
World
Vietnam appeals for maximum self-restraint, end to hostilities in Middle East
A representative of Vietnam appealed to all the parties concerned to exercise maximum self-restraint and to end hostilities, while addressing a United Nations Security Council (UNSC) open debate on the Middle East and Palestine situation on March 25.
World
Indonesia’s coffee exports surpass imports
Indonesia’s coffee exports have surpassed imports for 47 consecutive months since May 2020, the Central Statistics Agency (BPS) has reported.
World
Thailand expects wave of tourists during Golden Week
The Tourism Authority of Thailand (TAT) estimates that about 996,000 foreign tourists will visit the Southeast Asian country between April 26 and May 5, known as the Golden Week holidays in Japan, during which Chinese tourists also prefer to travel overseas.
