Philippines: Merchandise exports accelerate in February
Merchandise exports jumped 15.0% year-on-year in February (January: +9.0% year-on-year). Meanwhile, merchandise imports increased 20.1% over the same month last year in February (January: +27.7% yoy), marking the weakest reading in a year.
As a result, the merchandise trade balance improved from the previous month, recording a USD 3.5 billion deficit in February (January 2022: USD 4.7 billion deficit; February 2021: USD 2.7 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 45.9 billion deficit in February, compared to the USD 45.1 billion deficit in January.