Philippine exports rose at a slower pace than economists estimated in November, as a strong peso and a faltering global recovery hurt demand for apparel and minerals.
Overseas shipments increased 5.5 percent from a year earlier to $3.55 billion after gaining 6.1 percent in October, the National Statistics Office said in Manila today. The median of eight estimates in a Bloomberg News survey was 20.1 percent.
A recession in Europe and an uneven U.S. economic recovery are damping demand for Asian goods. The Philippine peso was the second-biggest gainer last year among 11 widely-traded currencies tracked by Bloomberg, and Bangko Sentral ng Pilipinas Governor Amando Tetangco said on Jan. 4 they are “watchful” of global developments that may affect domestic growth dynamics.
“Europe’s sovereign-debt crisis and the issue of the fiscal cliff in the U.S. have created uncertainty in terms of business sentiment,” Euben Paracuelles, a Singapore-based economist at Nomura Holdings Inc., said before the report. “So investment spending will be quite subdued.”
The peso was little changed at 40.765 per dollar as of 9:03 a.m. in Manila, according to Tullett Prebon Plc.
Exports of apparel slipped 13 percent in November from a year earlier, while mineral goods declined 22.4 percent, today’s report showed. Shipments to the U.S. fell 8.6 percent.
Overseas sales made up about 20 percent of Philippine gross domestic product last year. The economy may expand 6 percent to 7 percent this year, central bank Deputy Governor Diwa Guinigundo told state-owned television on Jan. 7. The monetary authority next meets on policy on Jan. 24.