In November, merchandise exports increased 11.4% over the same month the previous year to reach USD 4.1 billion (October: USD 4.8 billion). The reading came in well below market expectations that exports would increase 25.6% and, in fact, represented the worst performance since December 2009. The slowdown reflected a pronounced 57.7% year-on-year contraction in exports of mineral products (October: -25.3% yoy). In addition, exports of manufactured products decelerated sharply from a 35.2% rise in October to 9.0% in November. On the other hand, exports of petroleum products accelerated strongly, expanding 176.1% compared to a meagre 0.4% rise in October. The moving 3-month sum of exports reached USD 14.2 billion, which was below last month's USD 14.9 billion, but remained above the pre-crisis peak of USD 13.3 billion registered in August 2008. Furthermore, remittances from overseas Filipino workers, which represent 10% of GDP, decreased to USD 1.61 billion in November (October: USD 1.67 billion).
Philippines Trade Balance
Exports and remittances weaken in November
January 12, 2011
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Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.