Philippines: Exports skyrocket in September
November 13, 2012
In September, exports rose a strong 22.8% over the same month last year. The reading contrasted the 9.0% decrease observed in August and was well above market expectations that had exports rising 4.6%. In fact, the reading represented the fastest growth in exports seen in nearly two years. The result mainly reflected higher shipments of manufactured products, which account for the majority of the country's exports. Consequently, in the 12 months up to September, exports rose 1.0% over the same period the previous year (August: -3.6% year-on-year). Meanwhile, in August - the latest month for which data are available - imports declined 0.4% in annual terms, which followed the 0.8% decrease tallied in July. As a result, imports grew 0.7% in annual terms in the last 12 months (July: +1.7% yoy). The trade deficit narrowed to USD 126 million in August. As a result, the 12-month moving sum of the trade balance reached USD 9.3 billion deficit in August, which was smaller than the USD 10.1 billion deficit recorded in July.