Philippine exports may have risen 6.1% in August

The global overhang for electronics manufactures is still apparent with the latest North America Semiconductor book-to-bill ratio dipping lower to 0.8 in August (the fourth consecutive month of decline). As such, there is little scope for a meaningful pickup in electronics export over the medium term. However, seasonal factors have historically provided a boost to electronics exports from August to December and that should start to show up in the upcoming trade figures.

Meanwhile, non-electronics exports have continued to perform well despite global headwinds and are up by 30% in the first seven months of the year. With non-electronics holding up and a sequential improvement in electronics exports expected, total exports for August should be up by 6.1% MoM. But on a YoY basis, there will still be a minor contraction of 1.6%.