Philippines: Merchandise exports decline in October
Latest reading: Merchandise exports fell 5.5% on an annual basis in October (September: -7.6% year-on-year). Meanwhile, merchandise imports climbed 11.2% on an annual basis in October (September: +10.1% yoy), marking the strongest result since April 2024.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 5.8 billion shortfall in October (September 2024: USD 5.1 billion deficit; October 2023: USD 4.2 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 54.2 billion deficit in October, compared to the USD 52.6 billion deficit in September.