Philippines Trade


Philippines: Exports in November expand at fastest pace in five months on surging electronics

January 9, 2015

In November, exports rose a remarkable 19.7% over the same month of the previous year, marking a significant acceleration compared to October mild 2.5% increase and representing the largest expansion in five months.

November’s acceleration was driven by faster growth in the exports of all product categories. Exports of manufactures sped up from the 2.7% rise tallied in October to 18.9% growth in November. Exports of electronic products—classified as a sub-category of manufactures—picked up from October’s 4.5% increase to a remarkable 27.0% expansion in November, the fastest growth pace since October 2010. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based products also accelerated, rising from a 15.7% expansion in October to a 34.5% increase in November.

In October (the latest month for which data are available), imports rose 7.5% in annual terms, contrasting September’s 2.6% drop. Meanwhile, the trade balance deteriorated and tallied a USD 56 million deficit in October (October 2013: USD 183 million surplus).

FocusEconomics Consensus Forecast panelists see exports rising 7.3% in 2015 and then accelerating to a 8.2% expansion in 2016. Panelists expect a trade deficit of USD 7.1 billion in 2015 and see it widening to USD 7.8 billion in 2016.

Author: Teresa Kersting, Economist

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Philippines Trade Chart

Philippines Exports yoy November 2014 0

Note: Year-on-year and annual average variation in %.
Source: National Statistics Office (NSO) and FocusEconomics calculations.

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