In January, merchandise exports rose 11.8% over the same month the year before to reach USD 4.0 billion. The reading came in well below both the 25.3% expansion seen in December and market analyst expectations that exports would increase 20.3%. The January increase reflected a strong 57.8% expansion in exports of agro-based products (December: +39.5% year-on-year). In addition, shipments of manufactured goods, which account for the bulk of Philippine exports, increased 8.5% in January (December: +21.7% yoy) due to seasonally weaker demand. As a result of the weaker January growth, the moving three-month sum of exports reached USD 12.3 billion, which was below the USD 13.1 billion recorded in the three months to December. At the current level, exports remain below pre-crisis peak of USD 13.3 billion registered in August 2008. Meanwhile, remittances from overseas Filipino workers, which account for approximately 10% of GDP, decreased to USD 1.5 billion in January (December: USD 1.7 billion). On a year-on-year basis, remittances expanded 7.6% in January (December: +8.1% yoy).
Philippines Trade Balance
Exports decelerate in January
March 10, 2011
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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.