Philippines: Exports accelerate in July
September 11, 2012
In July, exports rose 7.8% over the same month last year. The reading was well above the 4.3% increase observed in June (previously reported: +4.2% year-on-year) and contrasted market expectations that had exports contracting 2.0%. The result mainly reflected higher exports of manufactured products, which account for the vast majority of the Philippines' exports. Meanwhile, in June, the latest month for which data are available, imports rose 13.3% year-on-year, which followed the 10.1% increase tallied in May. As a result, the trade deficit widened to a USD 787 million shortfall in June, compared to the USD 369 million deficit observed in the same month last year.