Philippines: Exports rebound in April
June 14, 2012
In April, exports rose 7.6% over the same month last year. The reading contrasted the 0.8% decline observed in March (previously reported: -1.2% year-on-year) and was above market expectations that had exports rise a mere 0.5%. April's increase mainly reflected an acceleration in export growth of manufactured products. Meanwhile, in March, the latest month for which data are available, imports fell 3.3% year-on-year, contrasting the 2.5% increase tallied in February. As a result, the trade balance recorded a shortfall of USD 1.0 billion in March, which was up from the USD 1.2 billion deficit observed in the same month last year.