Philippines Trade Balance April 2020


Philippines: Exports plummet over 50% in April

June 8, 2020

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.

FocusEconomics Consensus Forecast panelists expect expect exports and imports to contract 10.8% and 15.3% respectively in 2020, with the trade deficit totaling USD 31.2 billion. For 2021, the panel projects exports and imports to grow 8.4% and 15.3%, respectively, and the trade deficit to widen to USD 40.4 billion.

Author: Angela Bouzanis, Lead Economist

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Philippines Trade Balance Chart

Philippines Exports yoy April 20 20

Note: Year-on-year and annual average variation of exports in %.
Source: Philippine Statistics Authority.

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