Philippines: Exports record steeper drop in August
October 9, 2015
In August, exports contracted 6.3% over the same month last year, which came in below July’s 1.8% decrease and marked a fifth consecutive month of contraction. August’s decrease mainly reflected another sizable drop in agro-based products; in fact, August’s decrease was the steepest since November 2012. In addition, exports of manufactures slowed and exports of electronic products—classified as a sub-category of manufactures—grew only a meagre 0.4% on an annual basis, which marked a deceleration compared to the 4.3% increase seen in the previous month. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue.
In July (the latest month for which data are available), imports expanded 16.9% in annual terms, coming in below June’s 22.6% decrease. Meanwhile, the trade balance deteriorated and tallied a USD 1.2 billion deficit in July (July 2014: USD 139 million deficit).