In August, exports fell 9.0% over the same month last year. The reading contrasted both the 6.0% increase observed in July (previously reported: +7.8% year-on-year) and market expectations that had exports rising 5.5%. The result mainly reflected lower shipments of manufactured products, in particular electronics, which are the country's top exports. Meanwhile, in July - the latest month for which data are available - imports declined 0.8% in annual terms, which contrasted the 13.0% increase tallied in June. As a result, the trade deficit narrowed to a USD 236 million shortfall in July, compared to the USD 541 million deficit observed in the same month last year.
Philippines Trade Balance
Exports sink in August
October 10, 2012
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Philippines Trade Balance Chart
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.