Philippines Trade July 2017


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.

FocusEconomics Consensus Forecast panelists see exports expanding 3.7% in 2017 and 8.1% in 2018. Panelists expect a trade deficit of USD 23.3 billion in 2017 and see it widening to USD 25.7 billion in 2018.

Author: Massimo Bassetti, Economist

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Philippines Trade Chart

Philippines Exports yoy July 2017

Note: Year-on-year and annual average variation in %.
Source: Philippine Statistics Authority.

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