The ocean and the beach in the Philippines

Philippines Trade November 2022

Philippines: Merchandise exports grow at a more moderate rate in November

Merchandise exports jumped 13.2% annually in November (October: +20.3% yoy). Meanwhile, merchandise imports contracted 1.9% over the same month last year in November (October: +7.7% yoy), marking the weakest result since January 2021.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.7 billion shortfall in November (October 2022: USD 3.3 billion deficit; November 2021: USD 4.7 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 58.8 billion deficit in November, compared to the USD 59.8 billion deficit in October.

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