Philippines: Exports plunge again in May
July 10, 2020
Merchandise exports contracted markedly again in May, plunging 35.6% in annual terms as the coronavirus pandemic halted the global economy. May’s fall followed April’s 49.9% contraction, which had marked the worst performance on record. Steep declines were recorded across the board, with sales of electronics, other manufactured goods and agricultural goods all dropping.
Merchandise imports also plummeted in May, falling 40.6% amid a likely contracting economy and supply-chain disruptions (April: -65.3 yoy). Accordingly, the merchandise trade deficit narrowed to USD 1.9 billion in May from the USD 3.6 billion shortfall in May 2019.