Philippines Trade December 2015


Philippines: Exports tally ninth consecutive contraction in December

February 10, 2016

Philippine exports have been falling since April and continued to contract in December of last year. Exports fell an annual 3.0% in December, which was steeper decrease than November’s 1.1% drop. December’s reading mainly reflected a deterioration in manufactures. Exports of electronic products—classified as a sub-category of manufactures—grew at a slower pace, rising 6.4% on an annual basis, which came in below the 9.3% increase seen in the previous month. According to the Philippine Statistics Authority, electronic products account for the largest share of the total export revenue. In addition, agro-based products recorded the 11th consecutive double-digit contraction in December.

In November (the latest month for which data are available), imports expanded 10.1% in annual terms, falling short of October’s 16.9% increase. Meanwhile, the trade balance deteriorated and tallied a USD 977 million deficit in November (November 2014: USD 361 million deficit).

FocusEconomics Consensus Forecast panelists see exports rising 6.8% in 2016 and slowing to a 4.1% expansion in 2017. Panelists expect a trade deficit of USD 9.8 billion in 2016 and see it widening to USD 10.7 billion in 2017.

Author: Teresa Kersting, Economist

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Philippines Trade Chart

Philippines Exports yoy December 2015

Note: Year-on-year and annual average variation in %.
Source: National Statistics Office (NSO) and FocusEconomics calculations.

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