Philippines: Exports post strong growth in July despite monthly deceleration
September 10, 2014
In July, exports rose a strong 12.4% over the same month last year. The print undershot market expectations of a 15.4% expansion and represented a deceleration compared to June’s 21.3% rise.
July’s expansion was broad-based as nine of the ten main commodity groups experienced gains. Exports of manufactures ticked up markedly from 15.7% growth in June to 15.9% in July. Conversely, exports of electronic products—classified as a sub-category of manufactures—fell from a solid 10.7% expansion in June to a 2.7% increase in July. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based products also decelerated significantly, falling from a 44.0% expansion in June to a 20.7% increase in July.
In June (the latest month for which data are available), imports fell 3.6% in annual terms (May: -9.6% year-on-year). Meanwhile, the trade balance improved and recorded a USD 731 million surplus in June (June 2013: USD 399 million deficit).