The ocean and the beach in the Philippines

Philippines Trade January 2024

Philippines: Merchandise exports rebound in January

Merchandise exports rose 9.1% annually in January (December: -0.5% year-on-year). January’s outturn marked the best result since November 2022. Meanwhile, merchandise imports contracted 7.6% over the same month last year in January (December: -3.5% yoy).

However, the merchandise trade balance deteriorated from the previous month, recording a USD 4.2 billion shortfall in January (December 2023: USD 4.2 billion deficit; January 2023: USD 5.6 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 51.3 billion deficit in January, compared to the USD 52.6 billion deficit in December.

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