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).