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Philippines Trade November 2023

Philippines: Merchandise exports decline softens in November

Merchandise exports fell 13.7% in November year on year, following October’s 17.5% plunge. Meanwhile, merchandise imports flatlined in November (October: -2.4%), marking the strongest result since January 2023.

As a result, the merchandise trade balance weakened from the previous month, recording a USD 4.7 billion deficit in November (October 2023: USD 4.4 billion deficit; November 2022: USD 3.7 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 53.5 billion deficit in November, declining from the 52.3 billion deficit in October.

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