Philippines: Export growth decelerates notably in June
August 10, 2012
In June, exports rose 4.2% over the same month last year. The reading was well below both the 19.7% increase observed in May and market expectations that had exports rising 12.0%. The result mainly reflected a deceleration in export growth of manufactured products, which account for the vast majority of the Philippines' exports. Meanwhile, in May, the latest month for which data are available, imports rose 10.1% year-on-year, which contrasted the 13.6% declined tallied in April. As a result, the trade deficit shrank to a USD 454 million shortfall in May, compared to the USD 774 million deficit observed in the same month last year.