The value of Philippine exports fell 25 percent from a year earlier in June to $3.41 billion, still weighed down by weak demand from the main markets of Japan and the US, the National Statistics Office said Tuesday.

For the second straight month, however, the value of exports exceeded $3 billion, a further sign that global demand for Philippine products is recovering.

June exports were up 10 percent from $3.09 billion in May, but still off the $4.53 billion in June last year.

For the January-June period, exports were down 33% to $17.23 billion from $25.62 billion in the year-earlier period. "We think this set of data points to continued stabilization in the region's trade flows, a trend that we expect will quicken in the third quarter on stronger demand from China and the US," said Simon Wong, an economist at Standard Chartered Bank.