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Exports from the Philippines grew for a third consecutive month in February as shipments of electronic products rose.
Exports rose 11 per cent year on year in February to $4.8bn, coming in below economists’ estimates compiled by Bloomberg of a 19.4 per cent rise. Outbound shipments had risen by 22.5 per cent in January.
Exports of electronic products, the country’s top export, rose 15.9 per cent year on year to $2.131bn in February.
Imports rose 20.3 per cent year on year in February to $6.5bn, coming in below estimates of a 22.7 per cent rise. Inbound shipments of mineral fuels, lurbicants and related minerals saw the biggest increase, followed by iron and steel.
This brought the country’s trade deficit for February to $1.7bn, below estimates of $1.8bn.