In September, exports rose a strong 22.8% over the same month last year. The reading contrasted the 9.0% decrease observed in August and was well above market expectations that had exports rising 4.6%. In fact, the reading represented the fastest growth in exports seen in nearly two years. The result mainly reflected higher shipments of manufactured products, which account for the majority of the country's exports. Consequently, in the 12 months up to September, exports rose 1.0% over the same period the previous year (August: -3.6% year-on-year). Meanwhile, in August - the latest month for which data are available - imports declined 0.4% in annual terms, which followed the 0.8% decrease tallied in July. As a result, imports grew 0.7% in annual terms in the last 12 months (July: +1.7% yoy). The trade deficit narrowed to USD 126 million in August. As a result, the 12-month moving sum of the trade balance reached USD 9.3 billion deficit in August, which was smaller than the USD 10.1 billion deficit recorded in July.
Philippines Trade Balance
Exports skyrocket in September
November 13, 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.