Quotes from Standard Chartered:
-The Philippines will release the December trade balance on 24 February. We expect a deficit of USD 558mn, turning from a USD 272mn surplus in November. December export numbers (released earlier) were disappointing - exports fell 3.2% y/y, the first contraction since January 2014.
-The import growth trend has also remained sluggish, albeit volatile. We expect imports to have contracted 1.6% y/y in December, following a 10.8% drop the previous month.
-Falling oil prices are weighing on import growth. We expect external demand to make a small but positive contribution to GDP growth in 2015. The trade balance is likely to improve, in our view, supporting the current account balance.
