Philippines exports shrunk by 15.6% to US$3.74b

It's the sharpest drop in 14 months.

According to BBVA, Philippines exports contracted by -15.6% y/y (consensus: -4.8% y/y) to USD 3.74bn, the sharpest fall in 14 months. Earnings from exports of electronics products, which account for around 40% of total export revenues, dropped by -36.5% y/y.

"Nevertheless, strong domestic demand continues to propel GDP growth, which reached 6.6% y/y in 2012, the second highest in Asia (after China). We expect GDP growth of around 6% in 2013, although the weak external environment poses downside risks," BBVA said.

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