The Philippines’ merchandise exports are slowly recovering this year after a big decline last year as a result of the global financial turmoil. Here are some figures:
January to July exports, in $ billion:
- 2008, 30.06
- 2009, 20.54
- 2010, 28.22
Full year exports, in $ billion:
- 2008, 49.08
- 2009, 38.44
The consolation for non-recovery of this year’s exports to their 2008 level, is that remittances from OFWs are kicking fast. The foreign exchange inflow from such overseas remittances is helping the economy increase its forex reserves.
The stronger peso though, hovering at below P44 to the US$ for several days now, should be hurting many exporters. The still weaker US economy (ie, “weaker” compared to pre-financial turmoil levels in 2007 to early 2008) should be the main reason why demand for the US$ is also weak.