Philippine exports plummet 2.7% in January

Showed similar weakness as Korea and Taiwan.

According to BBVA, the Philippines reported disappointingly weak exports in January (-2.7% y/y; consensus: 6.0% y/y) on subdued demand for electronics, particularly from the US and China.

The research firm added that together with weak February export outturns in Korea and Taiwan, the data underscore uncertainty in the outlook for external demand even as the global economy appears to be improving (although China’s exports have showed surprising resilience).

"Nevertheless, growth in the Philippines is expected to remain intact due to resilient domestic demand (GDP grew by 6.6% in 2012, placing the Philippines as one of the region’s fastest growing economies)," BBVA said.