Philippines Trade


Philippines: Exports in September plunge most in four years

November 10, 2015

Philippine exports deteriorated significantly in September, contracting 24.7% over the same month last year, which marked the steepest drop in four years. The reading followed August’s 6.3% decrease and marked a sixth consecutive month of contraction. September’s sizable decrease mainly reflected a significant contraction in manufactures, which recorded the steepest fall in four years, along with another steep drop in agro-based products. Exports of electronic products—classified as a sub-category of manufactures—shrank 2.1% on an annual basis, which contrasted to the 3.3% increase seen in the previous month. According to the Philippine Statistics Authority, electronic products account for the largest share of the total export revenue.

In August (the latest month for which data are available), imports expanded 6.1% in annual terms, coming in below July’s 6.8% increase. Meanwhile, the trade balance deteriorated and tallied a USD 954 million deficit in August (August 2014: USD 373 million deficit).

FocusEconomics Consensus Forecast panelists see exports shrinking 6.1% in 2015 and then rebounding to a 7.8% expansion in 2016. Panelists expect a trade deficit of USD 8.0 billion in 2015 and see it widening to USD 9.4 billion in 2016.

Author: Teresa Kersting, Economist

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Philippines Trade Chart

Philippines Exports yoy September 2015

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

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