Philippines: Exports jump in July
September 12, 2017
Philippine exports accelerated notably in July, mainly on the back of stronger demand from Hong Kong, China and the United States more than offsetting weaker demand from Japan and Singapore. Exports expanded by an annual rate of 10.4%, which represented a significant acceleration from June’s 0.8% increase. July’s result reflected a notable acceleration in the growth of manufactured products as well as a jump in exports of mineral products.
Exports of manufactured products grew 8.7% in July compared to the same month of the last year, well above the 2.3% expansion recorded in June. Exports of electronic products, which are classified as a sub-category of manufactured goods and account for the largest share of total export revenues, expanded 11.8% in July, above June’s 7.7%. Moreover, exports of machinery and transport equipment surged in annual terms. Lastly, growth in exports of agro-based products backed down from 4.2% in June to 3.8% in July.
In July, imports continued to contract and declined 3.2%, following the 2.5% year-on-year drop recorded in June and marking the lowest result in over two years. The trade balance in June recorded a USD 1.6 billion deficit, narrowing both from June’s USD 2.1 billion deficit and the USD 2.4 billion deficit recorded in July 2016.