Philippines: Exports contract considerably less in November
January 10, 2016
Philippine exports have been falling since April and continued to contract in November of last year, although at a significantly softer pace than in the previous month. Exports fell an annual 1.1% in November, which marked an improvement compared to October’s 10.8% decline. November’s advance mainly reflected a recovery in manufactures. Exports of electronic products—classified as a sub-category of manufactures—ticked up and rose 9.3% on an annual basis, which came in above the 7.3% increase seen in the previous month. According to the Philippine Statistics Authority, electronic products account for the largest share of the total export revenue. Conversely, agro-based products recorded just another double-digit contraction in November.
In October (the latest month for which data are available), imports expanded 16.8% in annual terms, exceeding September’s 8.2% increase. Meanwhile, the trade balance deteriorated and tallied a USD 1.9 billion deficit in October (October 2014: USD 441 million deficit).