Export growth likely slower in December, says Barclays

MANILA, Philippines - Philippine exports growth likely slowed down in December despite strong demand abroad, UK-based investment bank Barclays said in a report.

In a research note, the bank forecast merchandise exports to have grown by 10 percent in December from the same month in 2012.

“External demand environment remained supportive; however, base effects are unfavorable,” Barclays said.

Outbound shipments summed up to $3.97 billion in December 2012, up 16.5 percent from $3.407 billion in the same month the previous year.

The double-digit expansion was due to increases in the shipments of fresh bananas, petroleum products, metal components, tuna, and woodcraft and furniture.

Official December 2013 exports data will be released by the government on Tuesday, Feb. 11.

The country’s export earnings climbed by 18.9 percent to $4.292 billion in November from $3.611 billion in November 2012.

The growth was supported by increases in exports of electronic products, other manufactures, woodcraft and furniture, machinery and transport equipment, and ignition and other wiring sets.

At the same time, there was a rise in shipments of metal components, articles of apparel and clothing accessories, other electronics, chemicals, and copper concentrates in November.