Philippines: Exports slow slightly in August
October 10, 2014
In August, exports rose 10.5% over the same month last year. The print represented a slight deceleration compared to July’s 12.4% rise, but came in above market expectations of an 8.1% expansion
August’s expansion was broad-based as eight of the ten main commodity groups experienced gains. Exports of manufactures slowed from the 15.9% increase tallied in July to a 8.4% rise in August. Conversely, exports of electronic products—classified as a sub-category of manufactures—picked up from July’s 2.7% expansion to a 10.0% increase in August. According to the Philippine Statistics Authority, electronic products account for the largest share of the total exports revenue. Exports of agro-based products accelerated significantly, rising from a 20.7% expansion in July to a 41.0% increase in August.
In July (the latest month for which data are available), imports recorded flat growth in annual terms (June: -3.6% year-on-year). Meanwhile, the trade balance improved and recorded a USD 33 million deficit in July (July 2013: USD 635 million deficit).