Philippines: Exports expand at fastest pace in 10 months
April 12, 2012
In February, merchandise exports grew 14.6% over the same month last year, which was well above the 3.1% increase observed in January (previously reported: +3.0% year-on-year) and represented the fastest pace of expansion since April 2011. February's increase mainly reflected a rise in shipments of manufactured products. In particular, electronic goods, the country's main export, rose 15.8% over the same month last year, faster than the 0.5% growth recorded in January. Meanwhile, in January, the latest month for which data are available, imports fell 3.2% year-on-year (December: -6.4% yoy). The trade balance recorded a shortfall of USD 1.0 billion in January, narrowing from a deficit of USD 1.2 billion observed in December.