Philippines: Merchandise exports slide in March
Merchandise exports decreased 7.3% on an annual basis in March (February: +15.7% year-on-year). Meanwhile, merchandise imports plunged 20.0% over the same month last year in March (February: +6.5% yoy), marking the weakest reading since July 2020.
As a result, the merchandise trade balance improved from the previous month, recording a USD 3.2 billion deficit in March (February 2024: USD 3.7 billion deficit; March 2023: USD 4.4 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 49.4 billion deficit in March, compared to the USD 51.2 billion deficit in February.