The ocean and the beach in the Philippines

Philippines Trade October 2022

Philippines: Merchandise exports grow at a faster pace in October

Merchandise exports jumped 20.0% annually in October (September: +7.1% year-on-year). Octobers figure marked the strongest growth since May 2021. Meanwhile, merchandise imports increased 7.5% on an annual basis in October (September: +14.4% yoy), marking the weakest result since January 2021.

As a result, the merchandise trade balance improved from the previous month, recording a USD 3.3 billion shortfall in October (September 2022: USD 4.8 billion deficit; October 2021: USD 3.8 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 59.8 billion deficit in October, compared to the USD 60.3 billion deficit in September.

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