Philippines: Exports continue to grow strongly in April
June 9, 2017
Philippine exports rose in March, mainly due to stronger demand from Hong Kong, China and Singapore, which more than offset a slump in demand from Japan and weaker demand from the U.S. Exports jumped by an annual rate of 12.1%, which represented a deceleration from March’s 21.0% jump. April’s result reflected decelerations in the growth of manufactured products and agro-based products.
Exports of manufactured products grew 3.4% in April, well below the 16.5% expansion recorded in March. Exports of electronic products—classified as a sub-category of manufactured goods—increased 6.8% in April, down from March’s 19.0% rise. According to the Philippine Statistics Authority, electronic products account for the largest share of total export revenues. Lastly, exports of agro-based products expanded a robust 11.4% in April, following March’s sky-high 33.6% growth.
In April, imports contracted a slight 0.2%, which strongly contrasted the 24.0% year-on-year growth recorded in March. The trade balance in April recorded a USD 2.1 billion deficit, up from March’s USD 2.3 billion deficit (April 2016: USD 2.6 billion shortfall).