In October, merchandise exports increased 26.4% over the same month last year to reach USD 4.7 billion (September: +46.5% year-on-year). The reading came in well below market expectations that projected exports to increase 36.0% and represented the worst performance since December 2009. The slowdown reflected a pronounced 29.0% year-on-year contraction in exports of mineral products (September: +133.3% yoy). In addition, exports of manufactured products decelerated from a 48.1% expansion in September to 34.4% growth in October. On the other hand, agricultural exports accelerated, expanding 30.9% compared to a 23.8% rise in September. The moving 3-month sum of exports reached USD 14.8 billion, which surpassed the pre-crisis peak of USD 13.3 billion registered in August 2008 and marked a new historic high. Similarly, remittances from overseas Filipino workers, which account for more than 10% of GDP, increased to USD 1.7 billion in October (September: USD 1.6 billion). The October reading represented a record-high level of remittances, which are a key driver for economic growth.
Philippines Trade Balance
Exports decelerate but continue to grow at a double-digit pace
December 10, 2010
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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.