Philippines Other


Growth in exports picks up in February, reaching highest level since December 2010

In February, exports rose 24.4% over the same month of the previous year. The print exceeded market expectations of a 16.6% expansion and marked a return to double digit growth (January: +9.2% year-on-year) after January's deceleration. Furthermore, it represents the largest increase in exports in the past 38 months.

February's expansion reflects a broad-based performance with all main commodity groups experiencing gains. Strong growth in exports of manufactures, which increased 22.4% in February (January: +15.6% year-on-year), largely contributed to the result. Export of electronic products-classified as a sub-category of manufactures-expanded 26.6%, which up from below the 21.2% increase recorded in January. Meanwhile, exports of agro-based product rebounded strongly to an 18.7% expansion, which contrasts the 28.5% hurricane-related drop recorded in January. FocusEconomics Consensus Forecast panelists see exports rising 1.8% in 2014 and expanding 7.6% in 2015.

In January (the latest month for which data are available), imports increased 21.8% in annual terms (December: +2.1% yoy). Meanwhile, the trade balance reached a USD 1.38 billion deficit in January (January 2013: USD 716 million deficit). FocusEconomics Consensus Forecast panelists expect the trade deficit to widen in the months ahead, reaching USD 12.8 billion in 2014 and USD 14.0 billion in 2015.

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Philippines Other Chart

Philippines Exports yoy February 2014

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