Philippines Trade Balance February 2022


Philippines: Merchandise exports accelerate in February

April 8, 2022

Merchandise exports jumped 15.0% year-on-year in February (January: +9.0% year-on-year). Meanwhile, merchandise imports increased 20.1% over the same month last year in February (January: +27.7% yoy), marking the weakest reading in a year.

As a result, the merchandise trade balance improved from the previous month, recording a USD 3.5 billion deficit in February (January 2022: USD 4.7 billion deficit; February 2021: USD 2.7 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 45.9 billion deficit in February, compared to the USD 45.1 billion deficit in January.

FocusEconomics Consensus Forecast panelists see exports rising 3.3% in 2022, while imports are seen increasing 7.4%, with a trade deficit of USD 49.5 billion. In 2023, exports and imports are seen rising 7.1% and 7.9% respectively, with a trade deficit of USD 54.1 billion.


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Philippines Trade Balance Chart

Philippines Exports yoy February 2022

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

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