The ocean and the beach in the Philippines

Philippines Trade November 2018

Philippines: Exports fall in November; trade deficit remains elevated near record high

Merchandise export growth contracted 0.3% in annual terms in November, swinging from the upwardly revised 5.5% expansion registered in October (previously reported: +3.3% year-on-year). The dip was primarily driven by a drop in electronic products exports (November: -1.6% yoy; October: +0.6% yoy)— which account for more than half of total export revenue —due to weaker semiconductor shipments. A sharp contraction in chemical exports also contributed to the decline.

Import growth continued to far outpace that of exports, despite slowing to an eight-month low in November. Imports rose 6.8% in annual terms, a far cry from the 21.4% surge logged in October. Imports of raw materials and intermediate goods; capital goods; and fuels all climbed higher in the month driven by the government’s infrastructure investment push.

All told, the merchandise trade deficit widened to USD 3.9 billion in November from the USD 3.3 billion deficit registered in the same month of the previous year, however it was down from the revised USD 4.1 billion deficit recorded in October 2018 (previously reported: USD 4.2 billion).

Philippines Trade Balance Forecast

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest