Philippines Trade
Merchandise exports nearly grind to a halt in June
Merchandise exports rose weakly by 0.8% year-on-year in June, on the heels of May’s 2.4% increase. Meanwhile, merchandise imports plummeted 15.2% on an annual basis in June (May: -8.1% yoy), marking the weakest reading since October 2020.
As a result, the merchandise trade balance improved from the previous month, recording a USD 3.9 billion shortfall in June (May 2023: USD 4.4 billion deficit; June 2022: USD 5.9 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 56.4 billion deficit in June, compared to the USD 58.3 billion deficit in May.
Philippines Trade Chart
This chart displays Trade Balance (USD billion) for Philippines from 2013 to 2022.
Philippines Trade Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Merchandise Trade Balance (USD bn) | -43.5 | -40.7 | -24.6 | -42.2 | -58.2 |