Philippines Trade Balance May 2022


Philippines: Merchandise exports increase in May

July 12, 2022

Merchandise exports climbed 6.2% annually in May, following April’s 6.2% rise. Meanwhile, merchandise imports climbed 31.4% over the same month last year in May (April: +29.4% yoy), marking the strongest reading since December 2021.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 5.7 billion shortfall in May (April 2022: USD 5.3 billion deficit; May 2021: USD 3.2 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 53.5 billion deficit in May, compared to the USD 51.0 billion deficit in April.

FocusEconomics Consensus Forecast panelists see exports rising 4.5% in 2022, while imports are seen increasing 5.2%, with a trade deficit of USD 46.0 billion. In 2023, exports and imports are seen rising 5.6% and 2.9% respectively, with a trade deficit of USD 45.2 billion.


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