Philippines Trade


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).

FocusEconomics Consensus Forecast panelists see exports rising 2.0% in 2015 and then accelerating to a 7.3% expansion in 2016. Panelists expect a trade deficit of USD 6.2 billion in 2015 and see it widening to USD 6.7 billion in 2016.

Author: Teresa Kersting, Economist

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Philippines Trade Chart

Philippines Exports yoy January 2015

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

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