The ocean and the beach in the Philippines

Philippines Trade October 2023

Philippines: Merchandise exports fall at a quicker pace in October

Merchandise exports plummeted 17.5% in annual terms in October, following September’s 6.3% fall. October’s figure marked the worst contraction since April. Meanwhile, merchandise imports declined 4.4% over the same month last year in October (September: -14.1% yoy), marking the strongest result since March 2023.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.2 billion deficit in October (September 2023: USD 3.6 billion deficit; October 2022: USD 3.3 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 52.3 billion deficit in October, compared to the USD 51.4 billion deficit in September.

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