Phl exports in Aug seen posting 14% growth

MANILA, Philippines - Merchandise exports are expected to have risen 14 percent in August, possibly its highest level this year, due to a low base in the same period in 2012.

“Exports likely to fall month-on-month, but to rise sharply year-on-year owing to a low base,” UK-based Barclays said in its The Emerging Markets Weekly report published late Friday.

Outbound shipments summed up to $4.836 billion in July, 2.3 percent higher than its level in the same month last year. The growth pace slowed from the 4.1 percent expansion seen in June, already the fastest seen by the country during the year.

In August last year, exports amounted to $3.798 billion, nine percent below the figure the previous year.

August exports data will be released by the National Statistics Office on Thursday, Oct.10.

Aside from the low base last year, Barclays noted trade in the region has been picking up pace amid improvements in developed economies.

“Exports in the region have strengthened,” Barclays said.

In the seven months to July, merchandise exports fell 3.4 percent to $30.422 billion from $31.487 billion in the same period last year.

Socioeconomic Planning Secretary Arsenio Balisacan earlier said exports are expected to recover in the second half of the year as economies in the US and in Europe improve.