Philippines: Exports record larger contraction in February
April 8, 2015
In February, exports shrunk 3.1% over the same month last year, coming in below January’s 0.5% decline. February’s drop resulted from shrinking exports of agro-based products and manufactures. Manufactures fell 1.8% in annual terms, coming in below January’s 1.6% decrease, the largest drop in 19 months. Exports of electronic products—classified as a sub-category of manufactures—moderated from January’s 14.6% expansion to a weaker 4.8% increase in February. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based products deteriorated and recorded a sizable 20.1% contraction in February (January: +12.9% year-on-year).
In January (the latest month for which data are available), imports dropped 14.2% in annual terms, coming in below December’s 10.6% contraction. Meanwhile, the trade balance improved and tallied a USD 752 million deficit in January (January 2014: USD 1.6 billion deficit).