Philippines: Merchandise exports grow at a more moderate rate in March
Merchandise exports climbed 5.9% annually in March (February: +15.8% year-on-year). Meanwhile, merchandise imports soared 27.7% in annual terms in March (February: +28.6% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 5.0 billion deficit in March (February 2022: USD 4.2 billion deficit; March 2021: USD 2.8 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 48.8 billion deficit in March, compared to the USD 46.5 billion deficit in February.