Philippines: Exports rebound in March
May 12, 2015
In March, exports rose 2.1% over the same month last year, contrasting February’s 3.1% decline. March’s increase resulted from a turnaround in manufactures. Manufactures expanded 2.8% in annual terms, contrasting February’s 1.8% decrease. Exports of electronic products—classified as a sub-category of manufactures—moderated slightly from February’s 4.8% expansion to a weaker 4.5% increase in March, dipping to the lowest level in eight months. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based products recorded a sizable 20.1% contraction in March, matching February’s print.
In February (the latest month for which data are available), imports rose 11.2% in annual terms, contrasting January’s 14.2% contraction. Meanwhile, the trade balance deteriorated and tallied a USD 813 million deficit in February (February 2014: USD 131 million deficit).