Philippines: Exports post strong growth in June
August 12, 2014
In June, exports rose a strong 21.3% over the same month last year. The print overshot market expectations of an 11.0% expansion and represented a significant acceleration compared to May’s 6.9% rise.
June’s expansion was broad-based as nine of the ten main commodity groups experienced gains. Exports of manufactures picked up markedly from May’s 3.4% growth to 15.7% in June. Exports of electronic products—classified as a sub-category of manufactures—rebounded from May’s 1.4% contraction and posted a solid 10.7% expansion. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based product also accelerated significantly, rising from May’s 17.7% expansion to a 44.0% increase in June.
In May (the latest month for which data are available), imports fell 9.6% in annual terms (April: +3.8% year-on-year). Meanwhile, the trade balance improved and recorded a USD 718 million surplus in May (May 2013: USD 141 million deficit).