Philippines: Exports growth strengthens in October
December 12, 2017
Philippine exports continued to expand in October, mainly on the back of surging demand from Hong Kong and stronger overseas orders from China and Singapore, more than offsetting weaker demand from Japan and the United States. Exports expanded by an annual rate of 6.6%, which represented a slight strengthening from September’s 4.9% increase. October’s result reflected an acceleration in the growth of manufacturing products.
Exports of manufactured products grew 2.9% in October compared to the same month last year, above the 1.8% expansion recorded in September. Exports of electronic products, which are classified as a sub-category of manufactured goods and account for the largest share of total export revenues, jumped 13.8% in October, more than doubling September’s 6.6% expansion. Lastly, growth in exports of agro-based products softened further from 5.4% in September to 0.6% in October. In terms of specific products, the expansion in exports was strongly driven by robust increases in sales of gold, electronic equipment and parts, and metal components.
In October, imports increased 13.1% year-on-year, well above to the 1.7% expansion recorded in the previous month. The trade balance in October consequently deteriorated and recorded a USD 2.8 billion deficit, widening both from September’s USD 1.9 billion deficit and the USD 2.2 billion deficit recorded in October 2016.