Philippines: Exports pick up in September
November 11, 2014
In September, exports rose 15.7% over the same month last year. The print represented an acceleration compared to August’s 10.5% rise, and overshot market expectations of an 11.6% expansion
September’s expansion was driven by gains in six of the ten main commodity groups. Exports of manufactures surged from the 8.4% rise tallied in August to 19.7% growth in September. Exports of electronic products—classified as a sub-category of manufactures—picked up from August’s 10.0% increase to a 13.6% expansion in September. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based products tumbled significantly, decelerating from a 41.0% increase in August to a 4.3% contraction in September.
In August (the latest month for which data are available), imports fell 1.3% in annual terms, which followed the flat growth registered in July. Meanwhile, the trade balance improved and recorded a USD 17 million deficit in August (August 2013: USD 608 million deficit).
Author: Carl Kelly, Economist