Philippines Trade


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).

FocusEconomics Consensus Forecast panelists see exports rising 2.6% in 2015 and then accelerating to a 6.3% expansion in 2016. Panelists expect a trade deficit of USD 5.5 billion in 2015 and see it widening to USD 6.2 billion in 2016.

Author: Teresa Kersting, Economist

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Philippines Trade Chart

Philippines Exports yoy July 2015

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

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