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Philippines exports skyrocket 22.5% in January

Staff Writer |
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.

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Exports expanded at an annual rate of 22.5%, which represented a strong acceleration from December’s 4.5% growth.

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.

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