Philippines: Exports continue to shrink in July
September 10, 2015
In July, exports contracted 1.8% over the same month last year, which matched June’s result and marked a fourth consecutive month of contraction. July’s drop reflects that another sizable drop in agro-based products was only partly compensated for by a pickup in the exports of manufactures. Exports of electronic products—classified as a sub-category of manufactures—grew a notable 34.6% on an annual basis, which marked an acceleration compared to the 9.5% increase seen in the previous month. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue.
In June (the latest month for which data are available), imports expanded 22.6% in annual terms, contrasting May’s 13.4% decrease. Meanwhile, the trade balance deteriorated and tallied a USD 555 million deficit in June (June 2014: USD 633 million surplus).