MANILA, Philippines – Merchandise exports likely increased sharply in January from the same period last year due to a low base and the recovery in export markets, a foreign bank said in a report.
“A low base is likely to support a sharp rebound in exports, but the sequential recovery is likely to be more modest,” UK-based investment bank Barclays said in a research note yesterday.
The bank has forecast a 16.8-percent growth in outbound shipments in January, a reversal of the 3.2-percent contraction recorded in the same month in 2014.
Moreover, this is an improvement from the 3.2-percent drop in merchandise exports in December last year.
Official January exports data will be released by the Philippine Statistics Authority on Tuesday, March 10.
Last year, Philippine exports went up nine percent to $61.81 billion from $56.698 billion in 2013.
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Socioeconomic Planning Secretary Arsenio Balisacan earlier said the growth rate reflected the resiliency in the country’s exports despite weaker activity in Japan, euro zone, and even in China.
The continuing recovery in the US and expected better prospects in Japan should support Philippine exports this year, Balisacan said.
Electronic products continued to make up the lion’s share of the Philippines’ outbound shipments last year at $25.88 billion or 42 percent of total value.
Japan was the main destination for Philippine exports in 2014, accounting for 22.5 percent of total shipments. This was followed by the US at 14.1 percent, China at 13 percent, Hong Kong at nine percent, and Singapore at 7.2 percent.
