MANILA: Exports from the Philippines grew at their fastest clip in three years in January as shipments of electronics took off.
Exports from the Philippines jumped 22.5 percent year on year to $5.1bn in January, coming in above a median forecast from economists compiled by Bloomberg of 10.5 percent growth.
Shipments of electronics, the country’s top export accounting for 46.1 percent of total export revenue in January, increased 10.4 percent year on year to $2.4bn.
Japan remained the Philippines’s largest export destination accounting for 17.3 percent of total exports or $887.7m with the US its second largest market accounting for $847m.
Imports rose 9.1 per percent year on year to $7.4bn, which was slightly below economists’ median estimate of a 10 percent increase.
This resulted in the trade deficit of$2.3bn, coming in below estimates of $2.9bn and improving on the $2.56bn deficit in December.
