The National Statistics Office released the July 2011 Philippine exports data last week. There are some surprising data:
1. Despite the damage to the Japan economy as a result of the big earthquake + tsunami last March, Japan’s imports from the Philippines has increased by almost $1 billion from Jan-July 2010 to Jan-July 2011.
2. There was a substantial decline in Netherlands and Germany importation from the Philippines over the said period, combined decline of $1.4 billion. US importations from the country also declined but by a smaller amount, only $289 M.
source: NSO Foreign Trade Stats
3. The increase in importation from China, Taiwan, Thailand and other countries have covered up the decline in importation from Europe and US.