Philippines: Exports contract at softer pace in June
August 11, 2015
In June, exports contracted 3.3% over the same month last year, which marked an improvement over May’s much steeper 17.4% drop that had marked the largest fall since December 2011. June’s milder contraction reflects improvements in all main export categories. While agro-based products again recorded a notable drop in June, the pace of contraction moderated compared to May. Exports of manufactures goods recovered and returned to expansion in June. Exports of electronic products—classified as a sub-category of manufactures—grew 9.5% on an annual basis, which marked a turnaround over the 7.5% decrease seen in the previous month. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue.
In May (the latest month for which data are available), imports contracted 13.4% in annual terms, coming in below April’s 12.8% decrease. Meanwhile, the trade balance worsened and tallied a USD 509 million surplus in May (May 2014: USD 863 million surplus).