The ocean and the beach in the Philippines

Philippines Trade April 2024

Philippines: Merchandise exports rebound in April

Merchandise exports soared 26.4% in annual terms in April (March: -7.3% year-on-year). April’s result marked the strongest result since May 2021. Meanwhile, merchandise imports shot up 12.6% over the same month last year in April (March: -17.7% yoy), marking the highest reading since September 2022.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.8 billion shortfall in April (March 2024: USD 3.4 billion deficit; April 2023: USD 4.8 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 49.6 billion deficit in April, compared to the USD 49.6 billion deficit in March.

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