The ocean and the beach in the Philippines

Philippines Trade May 2023

Philippines: Merchandise exports increase in May

Merchandise exports climbed 1.9% annually in May, following April’s 20.2% dive. May’s figure marked the strongest outturn since November 2022. Meanwhile, merchandise imports contracted 8.8% in annual terms in May (April: -15.0% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 4.4 billion shortfall in May (April 2023: USD 4.8 billion deficit; May 2022: USD 5.6 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 58.3 billion deficit in May, compared to the USD 59.4 billion deficit in April.

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