Philippines: Exports contract again in January
March 10, 2015
In January, exports shrunk 0.5% over the same month last year, coming in above December’s 3.2% contraction that had represented the first contraction since April 2013.
January’s drop resulted from falling exports of manufactures, which fell 1.6% in annual terms, coming in above December’s 3.2% decrease that had marked the largest drop in 17 months. Exports of electronic products—classified as a sub-category of manufactures—grew from December’s 9.9% increase to a 14.6% annual expansion in January. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based products rebounded from December’s sizable 24.9% contraction to a 12.9% expansion in January.
In December (the latest month for which data are available), imports fell 10.6% in annual terms, coming in marginally up from November’s 10.8% decrease. Meanwhile, the trade balance improved and tallied a USD 68 million deficit in December (December 2013: USD 485 million deficit).