RHB | Philippines| The Philippines’s Exports Pick Up Steam In March

Economic Research	13 May 2015
Philippines
Economic Highlights
The Philippines’s Exports Pick Up Steam In March The Philippines’ merchandise exports recovered to a growth of 2.1% y-o-y in March, after falling by -3.1% in January and -0.5% in February.This was due mainly to a rebound in the exports of agro-based productswhile the exports of manufactured and mineral products accelerated during the month. A smaller drop in the exports of forest products and petroleum products also helped. In terms of destinations, the improvement in the archipelago’s exports wasdriven by a rebound in shipments to most of its major trading partners. Exports to the European Union and China rebounded, while shipments to the United Sates continued topick up. These were, however, offset by exports to the ASEAN, which contracted during the month. Going forward, we envisage the global economy to strengthen slightly in 2015. This will likely continue to benefit Philippines’ exports and the real exports of goods & services are expected to expand by 6.5% in 2015, albeit slower than the +12.1% in 2014 due to a high base. Economist:  Vincent Loo Yeong Hong  | +603 9280 2172
To access our recent reports please click on the links below: 06 May 2015:  Inflation Continued Trending Lower In April 09 April 2015: Exports Contract Further In February 07 April 2015: Inflation Inched Lower In March Amid Easing Food Prices 01 April 2015: Money Supply Rose While Bank Lending Eased In February 27 March 2015:Policy Rates Held Steady Amid Manageable Inflation Environment 11 March 2015: Exports To A Slow Start In Early 2015