Philippines Trade


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).

FocusEconomics Consensus Forecast panelists see exports rising 6.0% in 2014 and then accelerating to a 7.2% expansion in 2015. Panelists expect the trade deficit to reach USD 9.3 billion in 2014 and USD 9.1 billion in 2015.

Author: Teresa Kersting, Economist

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Philippines Trade Chart

Philippines Exports yoy April 2014 0

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

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