Philippines Trade Balance


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).

FocusEconomics Consensus Forecast panelists see exports rising 0.8% in 2014 and then accelerating to a 7.4% expansion in 2015. FocusEconomics Consensus Forecast panelists expect the trade deficit to widen and reach USD 13.3 billion in 2014 and USD 14.5 billion in 2015.

Author: Teresa Kersting, Economist

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Philippines Trade Balance Chart

Philippines Exports yoy April 2014 1

Note: Year-on-year and annual average variation in %.
Source: National Statistics Office (NSO) and FocusEconomics calculations.

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