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Philippines Trade Balance October 2021

Philippines: Merchandise exports increase at a milder rate in October

Merchandise exports inched up 2.0% on an annual basis in October, on the heels of September’s 6.4% jump. Growth in exports of semiconductors, the country’s most important export, fell significantly, likely in part due to disruptions caused by input shortages. October’s outturn marked the weakest growth since February. Meanwhile, merchandise imports jumped 25.1% over the same month last year in October (September: +24.9% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.0 billion deficit in October (September 2021: USD 4.0 billion deficit; October 2020: USD 2.0 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 37.8 billion deficit in October, compared to the USD 35.8 billion deficit in September.

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