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).