Philippines: Exports accelerate in December
February 12, 2013
In December, exports expanded 16.5% over the same month the year before. The reading was above both the 5.5% increase observed in November and market expectations, which had exports rising 7.7%. Shipments of manufactured products, which account for the vast majority of the country's exports, registered an increase as did agro-based exports. In the full year 2012, export growth reached 7.9%, which contrasted the 4.9% decline observed in 2011. (CF automatic - export growth)
Meanwhile, in November - the latest month for which data are available - imports rose 2.2% in annual terms, which followed the 4.3% increase tallied in October. As a result, the trade deficit widened to USD 1.6 billion in November (October: minus USD 832 million). The 12-month moving sum of the trade balance reached a USD 9.6 billion deficit in November, which was slightly less than the USD 9.7 billion deficit tallied in October.