Philippines: Exports decelerate in October
December 11, 2012
In October, exports expanded 6.1% over the same month the previous year. The reading was well below both the 22.8% increase observed in September and market expectations, which had exports rising 10.5%. The deceleration mainly reflected lower growth in shipments of manufactured products, which account for the majority of the country's exports. Despite the slower monthly expansion, annual average growth in exports rose to 2.9% in October (September: +1.3% year-on-year).
Meanwhile, in September - the latest month for which data are available - imports rose 3.6% in annual terms, which contrasted the 0.4% decrease tallied in August. As a result, the trade deficit narrowed to USD 483 million in September (August: USD 1.3 billion). The 12-month moving sum of the trade balance reached USD 9.7 billion deficit in September, which was smaller than the USD 10.4 billion deficit recorded in August.