Philippines' November exports to jump 32.2%

Will the growth trend be another choppy one?

According to DBS, a 32.2% YoY increase in exports has been penciled in. Base effects are largely to blame for the surge and exports are projected to be up by only 1% MoM.

Exports in level terms have been choppy over the few quarters, driven by volatility in the non-electronics manufactures component.

On balance, however, this component has been a key factor behind why exports have been holding up relatively well through 2012. Electronics exports, on the
other hand, have been lackluster for the most part of last year, but some tentative signs of rebound have appeared.

"Compared to the 2012 low of USD 1.6bn in April, electronics exports are now at USD 1.9bn in October. Any kind of boost from electronics will have a meaningful
impact on total exports especially if the non-electronics manufactures component remains resilient. In the near term, the recovery in electronics is likely to be uneven,
but overall external demand should get a boost from a cyclical recovery in China,"  DBS noted.