Philippines: Exports growth surges further in November
January 10, 2014
In November 2013, exports rose 18.8% over the same month of the previous year. The increase marked an acceleration compared to the 14.0% rise recorded in the previous month and exceeded market expectations of an 11.5% increase.
The result partly reflects a massive expansion in exports of agro-based products, which drastically increased from an 8.6% fall in October to a 38.1% rise in November. The export of manufactures grew a robust 16.9% in November (October: +17.9% year-on-year). Export of electronic products - which are classified as a sub-category of manufactures and account for 56.0% of exports - expanded 10.0% in November, which was a decrease compared to the 13.5% increase recorded in October. FocusEconomics Consensus Forecast panelists see exports rising 0.3% in 2014 and expanding 8.2% in 2015.
In October (the latest month for which data are available), imports fell 8.6% in annual terms (September: +7.2% yoy). Meanwhile, the trade balanced reached a USD 202 million surplus in October (October 2012: USD 867 million deficit). FocusEconomics Consensus Forecast panelists expect the trade deficit to widen in the months ahead, reaching USD 13.2 billion in 2014 and USD 15.0 billion in 2015.
Author: Carl Kelly, Economist