Philippines Trade Balance April 2022


Philippines: Merchandise exports rise at a quicker pace in April

June 9, 2022

Merchandise exports climbed 6.0% in annual terms in April (March: +5.9% year-on-year). Meanwhile, merchandise imports soared 22.8% in annual terms in April (March: +27.8% yoy), marking the weakest reading since March 2021.

As a result, the merchandise trade balance improved from the previous month, recording a USD 4.8 billion deficit in April (March 2022: USD 5.0 billion deficit; April 2021: USD 3.1 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 50.5 billion deficit in April, compared to the USD 48.8 billion deficit in March.

FocusEconomics Consensus Forecast panelists see exports rising 4.7% in 2022, while imports are seen increasing 12.3%, with a trade deficit of USD 54.2 billion. In 2023, exports and imports are seen rising 6.5% and 6.2% respectively, with a trade deficit of USD 57.4 billion.


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Philippines Trade Balance Chart

Philippines Exports yoy April 2022

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

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