PHILIPPINES JOINS KOREA, TAIWAN IN WEAK TRADE DATA

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March 12, 2013

MANILA - The Philippines reported weak exports in January (-2.7% y/y; consensus: 6.0% y/y) on subdued demand for electronics, particularly from the US and China. Together with weak February export outturns in Korea and Taiwan, the data underscore uncertainty in the outlook for external demand even as the global economy appears to be improving (although China’s exports have showed surprising resilience).