Philippines: Exports continue to decelerate in March
May 10, 2011
In March, merchandise exports expanded 4.0% over the same month last year to reach USD 4.4 billion, which was below the 8.3% expansion observed in February. In fact, the figure represented the slowest growth in exports since October 2009. Shipments of manufactured goods, which account for the majority of Philippine exports, contracted 1.9% in March, which contrasted the 5.7% expansion observed in February. However, exports of agro-based products expanded a buoyant 49.7% in March (February: +47.8% year-on-year). Although exports slowed in March, the moving three-month sum of exports reached USD 12.2 billion, which was above the USD 12.1 billion registered in the three months to February. At the current level, exports remain below the pre-crisis peak of USD 13.3 billion registered in August 2008 but have recovered substantially from the USD 7.7 billion trough recorded in the three months to February 2009.