MANILA, Philippines – UK-based Barclays projects exports growth could have finally picked up in February following two months of decline.
“Improved external demand environment and dissipation of Lunar New Year effects to support an export bounce,” the financial services company said in a research note.
Barclays forecast merchandise exports could have expanded by 16.5 percent in February, faster than the 9.3 percent recorded in January.
Recovery in exports would be on the back of an improving global economy, which the International Monetary Fund in January said could grow by 3.7 percent this year. Barclay’s projection is slightly higher than the Fund’s 3.6 percent projection made in October last year.
The IMF said global activity has strengthened in the second half of 2013 and this is seen continuing this year largely due to the recovery of advanced economies.
Official February exports data is set to be released by the Philippine Statistics Authority on Thursday, April 10.
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Outbound shipments amounted to $4.382 billion in January, up 9.3 percent from $4.011 billion in the same month last year.
The PSA said improvement in other manufactures, electronic equipment and parts, metal components, articles of apparel and clothing accessories, electronic products, machinery and transport equipment, and woodcrafts and furniture helped lift growth.
Electronic products made up bulk or 41 percent of the country’s exports. Government data show the country shipped $1.793-billion worth of electronic products in January, up 22.1 percent from the same month last year.
However, the figure is still six percent below the figure in December.
January exports primarily went to Japan (26.3 percent), the United States (13.8 percent), China (9.9 percent), Singapore (8.8 percent), and Hong Kong (7.5 percent).
