Philippines: Exports and remittances weaken in November
January 12, 2011
In November, merchandise exports increased 11.4% over the same month the previous year to reach USD 4.1 billion (October: USD 4.8 billion). The reading came in well below market expectations that exports would increase 25.6% and, in fact, represented the worst performance since December 2009. The slowdown reflected a pronounced 57.7% year-on-year contraction in exports of mineral products (October: -25.3% yoy). In addition, exports of manufactured products decelerated sharply from a 35.2% rise in October to 9.0% in November. On the other hand, exports of petroleum products accelerated strongly, expanding 176.1% compared to a meagre 0.4% rise in October. The moving 3-month sum of exports reached USD 14.2 billion, which was below last month's USD 14.9 billion, but remained above the pre-crisis peak of USD 13.3 billion registered in August 2008. Furthermore, remittances from overseas Filipino workers, which represent 10% of GDP, decreased to USD 1.61 billion in November (October: USD 1.67 billion).