Philippines exports skyrocket 22.5% in JanuaryStaff Writer | March 13, 2017
Philippine exports jumped in January, mainly due to stronger demand from China, Singapore, the U.S. and Hong Kong, which more than offset weaker demand from Japan.
Economy in Asia The Philippine Statistics Authority:
January’s result reflected a broad-based expansion in all export categories, with exports of manufactured goods expanding at the fastest pace since December 2013 and exports of agro-based products growing by more than a third.
Exports of manufactured products sped up from a mild 0.4% growth in December to a strong 23.1% expansion in January.
Exports of electronic products — classified as a sub-category of manufactured goods — swung from a 2.8% contraction in December to a 10.4% rise in January.
According to the Philippine Statistics Authority, electronic products account for the largest share of total export revenues.
Further positive news came from exports of agro-based products, which jumped an impressive 33.7%—although the print represented a deceleration from December’s sky-high 67.5% increase.
In January, imports grew healthily, despite decelerating from December’s robust growth, recording a 9.1% annual expansion (December: +19.1% year-on-year). The trade balance in January recorded a $2.3 billion deficit, down from December’s $2.6 billion deficit (January 2016: $2.6 billion shortfall).
FocusEconomics Consensus Forecast panelists see exports expanding 3.7% in 2017 and 8.1% in 2018. Panelists expect a trade deficit of $23.3 billion in 2017 and see it widening to $25.7 billion in 2018. ■