Philippines – A modest improvement is expected in April export growth

The Philippines will release April export data on 10 June. Exports are expected to have increased 6% y/y, following 2.1% growth in March on a favourable base effect. 

It is believed that April exports fell compared with March, however. Asian export growth remains weak, as seen in the weak prints from South Korea and Taiwan. 

Philippines' export growth to the US has been improving. However, that to other Asian markets is still sluggish, which could drag down full-year export growth. 

"We expect export growth to improve gradually in 2015, although it may remain muted. Sluggish external demand could weigh on GDP growth; we forecast GDP growth of 6% for 2015 (2014: 6.1%), but acknowledge the downside risks to our forecast",says Standard Chartered.