In January, merchandise exports added 3.0% over the same month last year, which contrasted the 18.9% decline observed in December (previously reported: -20.7% year-on-year). The reading broke the negative trend in exports, which had been falling uninterruptedly since May 2011. January's increase mainly reflected a rise in shipments of manufactured products. In particular, electronic goods, the country's main export, grew 0.4% over the same month last year, rebounding from a 29.4% contraction in December. Meanwhile, in December, the latest month for which data are available, imports fell 6.5% year-on-year (November: +0.7% yoy). As a result, the trade balance recorded a shortfall of USD 1.2 billion in December, smaller than the deficit of USD 1.6 billion observed in November. In the full year 2011, exports declined 6.7% to reach USD 48.0 billion, while imports totalled 60.1 billion, resulting in a trade deficit of USD 12.1 billion.
Philippines Trade Balance
Exports rebound after contracting for eight straight months
March 13, 2012
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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.