Philippines: Exports contract for seventh consecutive month in October
December 14, 2015
Philippine exports have been falling since April and continued to contract in October, although at a softer pace than in the previous month. Exports fell an annual 10.8% in October, which marked an improvement compared to September’s 15.5% decline. October’s advance mainly reflected a milder contraction in manufactures. Exports of electronic products—classified as a sub-category of manufactures—rebounded and rose 7.3% on an annual basis, which contrasted the 2.1% decrease 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 another double-digit contraction in October.
In September (the latest month for which data are available), imports expanded 6.7% in annual terms, exceeding August’s 4.1% increase. Meanwhile, the trade balance deteriorated and tallied a USD 1.2 billion deficit in September (September 2014: USD 63 million surplus).