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).