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Financial News: Philippine Exports Rebound More Than Forecast In December

Philippine Exports Rebound More Than Forecast In December

02/09/2017 - 23:59:00 (RTTNews)

(RTTNews) - Philippine exports increased at a faster-than-expected pace in December, after falling in the prior month, preliminary figures from the Philippine Statistical Authority showed Friday.

Exports rose 4.5 percent year-over-year in December, reversing a 7.5 percent decline in the previous month. That was well above the 2.9 percent gain expected by economists.

The increase was attributed to five major commodities out of the top ten export commodities for the month, the agency said.

However, exports of electronic products, accounting for 50.3 percent of total exports, decreased by 2.8 percent.

Exports of coconut oil including crude and refined, jumped the most by 146.5 percent, followed by a other mineral products with a growth of 104.5 percent.

Imports grew at a slightly slower pace of 19.1 percent annually in December, following a 19.7 percent spike in the preceding month. It was forecast to rise by 10.7 percent.

The visible trade deficit of the country widened to $2.56 billion in December from $1.59 billion in the corresponding month last year. Economists had expected a shortfall of $2.2 billion.

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