Philippines: Growth in exports slows down in March
May 9, 2014
In March, exports rose 11.2% over the same month of the previous year. The print came in below market expectations of a 13.2% expansion and represented a deceleration compared to February's 24.5% rise.
March's expansion reflects a broad-based improvement with seven of the ten main commodity groups experiencing gains. Growth in exports of manufactures, which increased 13.5% in March (February: +22.4% year-on-year), largely contributed to the result. Exports of electronic products-classified as a sub-category of manufactures-expanded 10.1%, which was below the 26.6% increase recorded in February. Meanwhile, exports of agro-based product accelerated further to a 22.1% expansion (February: +19.1% yoy). FocusEconomics Consensus Forecast panelists see exports rising 0.2% in 2014 and then accelerating to a 7.5% expansion in 2015.
In February (the latest month for which data are available), imports increased 0.3% in annual terms (January: +26.0% yoy). Meanwhile, the trade balance narrowed to a USD 63 million deficit in February (February 2013: USD 967 million deficit). FocusEconomics Consensus Forecast panelists expect the trade deficit to widen in the months ahead, reaching USD 14.0 billion in 2014 and USD 15.4 billion in 2015.
Author: Armando Ciccarelli, Head of Data Solutions