Philippines: Merchandise exports decline in February
Merchandise exports fell 18.1% annually in February, on the heels of January’s 13.1% drop. The result marked the largest fall since May 2020. Meanwhile, merchandise imports plunged 12.1% in annual terms in February (January: +4.1% yoy), marking the weakest result since November 2020.
The merchandise trade balance improved from the previous month, recording a USD 3.9 billion shortfall in February (January 2023: USD 5.7 billion deficit; February 2022: USD 4.0 billion deficit). The trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 59.4 billion deficit in February, compared to the USD 59.5 billion deficit in January.