Philippines: Exports plummet over 50% in April
Merchandise exports contracted markedly in April, nosediving 50.8% in annual terms as the coronavirus pandemic halted the global economy. April’s plunge followed March’s 24.7% contraction and marked the worst performance on record. Exports of electronic products—which account for more than half of total export revenue—fell at the sharpest rate since February 2013 and exports of other manufactured goods such as machinery and transport equipment contracted at the steepest pace since September 2011.
Merchandise imports also plummeted in April, falling 65.3% amid a halted economy and supply-chain disruptions (March: -26.25 yoy). Accordingly, the merchandise trade deficit narrowed to USD 0.5 billion in April from the USD 3.8 billion shortfall in April 2019.