Philippines Other


Growth in exports slows down in March

In March, exports rose 11.2% over the same month of the previous year. The print came in below market expectations of a 13.2% expansion and represented a deceleration compared to February's 24.5% rise.

March's expansion reflects a broad-based improvement with seven of the ten main commodity groups experiencing gains. Growth in exports of manufactures, which increased 13.5% in March (February: +22.4% year-on-year), largely contributed to the result. Exports of electronic products-classified as a sub-category of manufactures-expanded 10.1%, which was below the 26.6% increase recorded in February. Meanwhile, exports of agro-based product accelerated further to a 22.1% expansion (February: +19.1% yoy). FocusEconomics Consensus Forecast panelists see exports rising 0.2% in 2014 and then accelerating to a 7.5% expansion in 2015.

In February (the latest month for which data are available), imports increased 0.3% in annual terms (January: +26.0% yoy). Meanwhile, the trade balance narrowed to a USD 63 million deficit in February (February 2013: USD 967 million deficit). FocusEconomics Consensus Forecast panelists expect the trade deficit to widen in the months ahead, reaching USD 14.0 billion in 2014 and USD 15.4 billion in 2015.

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Philippines Other Chart

Philippines Exports yoy March 2014

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