Exports accelerate in April as manufactured good shipments rebound

In April, merchandise exports expanded 19.1% over the same month last year to reach USD 4.3 billion, which was well above the 4.1% rise observed in March. Improved export performance mainly reflects a rebound in shipments of manufactured goods, which grew 9.8% year-on-year in April, contrasting the 1.8% decline recorded in March. Furthermore, exports of agro-based products increased 89.2% in April (March: +49.7% yoy) bolstered by shipments of coconut oil. Japan remained the top destination of the Philippine exports, which accounted for 17.3% share of total exports. With the strong export expansion in April, the moving three-month sum of exports reached USD 12.5 billion, which was above the USD 12.2 billion registered in the three months to March. At the current level, exports still sit below the pre-crisis peak of USD 13.3 billion registered in August 2008 but have recovered substantially from the USD 7.7 billion trough recorded in the three months to February 2009.


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