Philippines Trade


Philippines: Exports contract at steepest pace in nearly four years in May

July 10, 2015

In May, exports contracted a significant 17.4% over the same month last year, coming in below April’s 4.1% decrease. The figure marked the steepest drop since December 2011. May’s decrease reflects notable contractions in all main export categories. Agro-based products in May recorded an almost as large contraction as in the previous month. In addition, exports of manufactures goods deteriorated and recorded the largest drop since February 2013. Exports of electronic products—classified as a sub-category of manufactures—fell 7.5% on an annual basis, which was a significant deterioration over the 17.8% 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 April (the latest month for which data are available), imports contracted 12.8% in annual terms, coming in below March’s 6.8% decrease. Meanwhile, the trade balance improved and tallied a USD 301 million deficit in April (April 2014: USD 802 million deficit).

FocusEconomics Consensus Forecast panelists see exports rising 1.8% in 2015 and then accelerating to a 6.7% expansion in 2016. Panelists expect a trade deficit of USD 4.9 billion in 2015 and see it widening to USD 5.5 billion in 2016.

Author: Teresa Kersting, Economist

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Philippines Trade Chart

Philippines Exports yoy May 2015

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

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