Philippines: Merchandise exports rise at a quicker pace in April
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.