Philippines' outbound shipments surged 16.5%

But exports have yet to hit September high.

According to DBS, exports are a mixed bag currently. The latest data for December indicated that outbound shipments rose by 16.5% YoY, boosted by low base effects. 

Sequentially, there was an 11.8% MoM rebound, but in absolute terms, exports have yet to recover to the September high. The main reason for the lackluster performance is
that electronics exports have continued to slump.

Here's more from DBS:

Structurally, the segment has not benefitted due to weak demand for personal computers and this has translated into depressed numbers for semiconductors.

Moreover, there has not been much positive impact from increased demand for smartphones and mobile devices. As such, electronic export numbers are actually close to four-year lows.

On the other hand, non-electronics such as wood manufactures and machinery & transport equipment have outperformed (albeit with high volatility). Although exports as a whole have underperformed for the most part of last year, GDP growth still reached 6.6% on the back of a robust domestic economy.

With signs of stabilization in the major economies and a turnaround in China, exports should provide a boost to growth this year.