Philippines: Growth in exports accelerates again in May
July 10, 2014
In May, exports rose 6.9% over the same month last year. The print contrasted market expectations of a 0.1% contraction and represented a significant acceleration compared to April’s 1.3% expansion.
In May, seven of the ten main commodity groups experienced gains. Exports of manufactures rebounded from April’s 1.1% contraction to a 3.3% expansion in May. Exports of electronic products—classified as a sub-category of manufactures—fell 1.6%, marking and improvement over April’s 2.5% drop. According to the Philippine Statistics Authority, electronic products still account for the largest share of the total exports revenue. Meanwhile, exports of agro-based product accelerated only slightly, inching up from April’s 18.1% expansion to an 18.4% increase in May.
In April (the latest month for which data are available), imports increased 5.3% in annual terms (March: +5.5% year-on-year). Meanwhile, the trade balance widened to a USD 743 million deficit in April (April 2013: USD 647 million deficit).