The ocean and the beach in the Philippines

Philippines Trade September 2023

Philippines: Merchandise exports fall in September

Merchandise exports contracted 6.3% on an annual basis in September (August: +4.2% year-on-year). September’s figure marked the largest fall since April. Meanwhile, merchandise imports plummeted 14.7% over the same month last year in September (August: -13.0% yoy).

Nevertheless, the merchandise trade balance improved from the previous month, recording a USD 3.5 billion shortfall in September (August 2023: USD 4.1 billion deficit; September 2022: USD 4.8 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 51.4 billion deficit in September, compared to the USD 52.7 billion deficit in August.

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