Philippines: Exports decelerate moderately in November
January 10, 2013
In November, exports expanded 5.5% over the same month the year before. The reading was below both the 6.1% increase observed in October and market expectations, which had exports rising 20.1%. Shipments of manufactured products, which account for the vast majority of the country's exports, recorded an increase, whereas agro-based exports plunged in November. Despite the slower monthly expansion, annual average growth in exports rose to 4.9% in November (October: +2.9% year-on-year).
Meanwhile, in October - the latest month for which data are available - imports rose 4.3% in annual terms, which followed the 3.6% increase tallied in September. As a result, the trade deficit widened to USD 832 million in October (September: minus USD 482 million). The 12-month moving sum of the trade balance reached USD 9.7 billion deficit in October, which mirrored the result tallied in September.