Philippines: Exports plunge in April
June 11, 2013
In April exports plunged 12.8%, which contrasted the 0.1% rise seen in the previous month. In addition, the declined exceeded market expectations of a 5.3% drop.
The result mainly reflected a strong drop in exports of manufactures, which fell 14.4% in April (March: -5.0% year-on-year). Similarly, agro-based products also experienced a decline in annual terms, falling 5.1%. Moreover, exports of electronic goods contracted only 0.4% compared to the sharp 22.4% decline seen in March. FocusEconomics Consensus Forecast panellists see exports expanding 6.5% in 2013 and 7.8% in 2014.
Meanwhile, in March - the latest month for which data is available - imports dropped 8.4% in annual terms (February: -5.8% yoy). As a result, the trade deficit narrowed to USD 593 million (March 2012: USD 1.05 billion deficit), which prompted the 12-month moving sum of the trade balance to reach a USD 9.7 billion deficit (February: USD 10.1 billion deficit). FocusEconomics Consensus Forecast panellists expect the trade deficit to widen in the months ahead and reach USD 12.4 billion in 2013 and USD 14.0 billion in 2014.