Philippines: Exports growth surges in October
December 10, 2013
In October, exports rose 14.0% over the same month last year. The increase marked an acceleration compared to the 5.1% rise recorded in the previous month and exceeded market expectations of an 8.3% increase.
The result reflects an expansion in the export of manufactures, which climbed 17.5% in October (September: +0.4% year-on-year). Export of electronic products - which are classified as a sub-category of manufactures and account for 56.0% of exports - expanded 13.4% in October, which was a decrease compared to the 15.4% increase recorded in September. In contrast, exports of agro-based products contracted 8.8% in October, down markedly from the 20.2% increase in September. FocusEconomics Consensus Forecast panelists see exports falling 1.4% in 2013 and expanding 7.9% in 2014.
In September (the latest month for which data are available), imports rose 7.2% in annual terms (August: +7.0% yoy). Meanwhile, the trade deficit narrowed to USD 654 million in September (September 2012: USD 516 million deficit). FocusEconomics Consensus Forecast panelists expect the trade deficit to widen in the months ahead, reaching USD 12.2 billion in 2013 and USD 14.0 billion in 2014.
Author: Carl Kelly, Economist