Philippines: Growth in exports slows down significantly in April
June 11, 2014
In April, exports rose 0.8% over the same month of the previous year. The print came in markedly below market expectations of a 10.0% expansion and represented a significant deceleration compared to March’s 12.4% rise. Furthermore, this marked the lowest pace of expansion since March last year.
In April, six of the ten main commodity groups experienced gains. However, a contraction in exports of manufactures, which fell 1.4% in April (March: +13.8% year-on-year), largely contributed to the overall deceleration. Exports of electronic products—classified as a sub-category of manufactures—dropped 2.5%, which contrasted the 10.1% increase recorded in March. Meanwhile, exports of agro-based product decelerated only moderately from March’s 22.1% expansion to an 18.1% increase in April.
In March (the latest month for which data are available), imports increased 9.6% in annual terms (February: +1.7% yoy). Meanwhile, the trade balance narrowed to a USD 146 million deficit in March (March 2013: USD 253 million deficit).