Philippines trade down, manufacturing slowed in June
Import, export numbers disappoint after double-digit increase in May
Exports from the Philippines inched up 0.8% year-on-year, missing a median forecast from Bloomberg of a 14.3% increase, after a rise of 13.7% in May, according to data from the Philippine Statistics Authority.
Imports were down 2.5%, to bring the total decline in trade to 1.2%. The disappointing numbers come after huge double-digit gains in both exports and imports in May.
Manufacturing growth also slowed in June to 8.1% from 9.8% a year ago.
Despite the lackluster results, Philippine Socioeconomic Planning Secretary Ernesto Pernia sees trade picking back up:
“We expect Philippine trade to recover, as the global economic recovery is seen to be on firmer footing in the second half of the year,” Pernia was quoted by the Inquirer as saying in a statement.
“To help in tapping new trade markets, the country can take advantage of its European Union-Generalized System of Preferences Plus (GSP+) preferential status.”
“In light of our hosting of the Asean Summit this year, our country is also in a better position to push for a reduction in non-tariff barriers within the region,” Pernia added.