Philippines External Debt (% of GDP)

External Debt in Philippines

Merchandise exports slide in March

Merchandise exports contracted 9.1% annually in March, on the heels of February’s 18.1% plunge. Meanwhile, merchandise imports declined 2.7% over the same month last year in March (February: -11.8% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.9 billion deficit in March (February 2023: USD 3.9 billion deficit; March 2022: USD 4.6 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 59.7 billion deficit in March, compared to the USD 59.4 billion deficit in February.