(RTTNews) - Friday, a report by the Philippines National Statistics Office said exports dropped 27% year-on-year in May, slower than a revised 35.2% fall in the preceding month. Economists expected a drop of 32%.

Exports of electronic products, accounting for 58.7% of total export revenue in May, slipped 26.8% annually compared to a 33.2% fall in the preceding month.

Month-on-month, total exports grew 10.1% in May, reversing a 3.6% fall in April. Exports of electronic products were up 7.6% compared to a 3.9% growth in the previous month.

In the first five months of the year, total exports declined 34.5% compared to the same period the previous year.

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