Philippines Trade Balance May 2020


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.

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 May 20 20

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

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