In March, exports fell 1.2% over the same month last year, which contrasted the 14.6% increase observed in February and represented the first contraction since December 2011. March's decrease mainly reflected a decline in shipments of agro-based products, coupled with slower growth in exports of manufactured products. In fact, electronic goods, the country's main export, rose only 1.1% over the same month last year, which was well below the 15.8% growth recorded in February. Meanwhile, in February, the latest month for which data are available, imports rose 4.9% year-on-year (January: -3.2% yoy). As a result, the trade balance recorded a shortfall of USD 562 million in February, narrowing from a deficit of USD 1.0 billion observed in January.
Philippines Trade Balance
Exports contract in March
May 11, 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.