In September, merchandise exports contracted 27.4% over the same month last year, which exceeded the 13.7% decrease observed in August. The decline marked the largest fall in exports since April 2009 and mainly reflected a decrease in shipments of manufacturing products. In particular, electronic goods, the country's main export, fell 47.9% year-on-year in September (August: -30.6% yoy). Meanwhile, in August, the latest month for which data are available, imports expanded 10.4% year-on-year. As exports continue to decline, the trade deficit widened, recording a shortfall of USD 804 million in August.
Philippines Trade Balance
Exports record sharpest fall in more than two years
November 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.