Philippines: Exports contract in March
May 11, 2012
In March, exports fell 1.2% over the same month last year, which contrasted the 14.6% increase observed in February and represented the first contraction since December 2011. March's decrease mainly reflected a decline in shipments of agro-based products, coupled with slower growth in exports of manufactured products. In fact, electronic goods, the country's main export, rose only 1.1% over the same month last year, which was well below the 15.8% growth recorded in February. Meanwhile, in February, the latest month for which data are available, imports rose 4.9% year-on-year (January: -3.2% yoy). As a result, the trade balance recorded a shortfall of USD 562 million in February, narrowing from a deficit of USD 1.0 billion observed in January.