Philippines: Exports continue to grow strongly in May
July 11, 2017
Philippine exports recorded another month of robust growth in May, mainly due to stronger demand from Hong Kong, China, the United States and Singapore, which more than offset another slump in demand from Japan. Exports jumped by an annual rate of 13.7%, which represented an acceleration from April’s 12.1% expansion. May’s result reflected accelerations in the growth of manufactured products and agro-based products.
Exports of manufactured products grew 8.5% in May, well above the 3.4% expansion recorded in April. Exports of electronic products—classified as a sub-category of manufactured goods—jumped 17.8% in May, significantly above April’s 6.8% rise. According to the Philippine Statistics Authority, electronic products account for the largest share of total export revenues. Lastly, exports of agro-based products skyrocketed 53.4% in May, following April’s 11.4% growth.
In May, imports expanded 16.6%, which strongly contrasted the 0.1% year-on-year contraction recorded in April. The trade balance in May recorded a USD 2.8 billion deficit, a worse result than April’s USD 2.1 billion deficit (May 2016: USD 2.2 billion shortfall).