Philippines: Exports contract in April
June 10, 2015
In April, exports contracted 4.1% over the same month last year, contrasting March’s 2.1% increase. The figure marked the steepest drop in over two years. April’s decrease resulted from steeper contraction in agro-based products and a deceleration in exports of manufactures goods. On the other hand, exports of electronic products—classified as a sub-category of manufactures—grew 17.8% on an annual basis, which was a significant improvement over the 4.5% 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 March (the latest month for which data are available), imports contracted 6.8% in annual terms, contrasting February’s 11.2% increase. Meanwhile, the trade balance improved and tallied a USD 264 million deficit in March (March 2014: USD 217 million deficit).