Philippines: Merchandise exports grow at a more moderate pace in September
Merchandise exports rose 6.3% on an annual basis in September, on the heels of August’s 18.9% upturn. Faster sales of chemicals, gold and other mineral products among other goods drove the expansion, while machinery sales fell. September’s result marked the weakest expansion since February. Meanwhile, merchandise imports soared 24.8% over the same month last year in September (August: +30.9% yoy), on higher inputs of fuels and medical products.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.0 billion deficit in September (August 2021: USD 3.5 billion deficit; September 2020: USD 2.3 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 35.8 billion deficit in September, compared to the USD 34.1 billion deficit in August.