Philippines: Merchandise exports drop at a milder rate in December
Latest reading: Merchandise exports declined 2.2% in annual terms in December (November: -8.6% year-on-year). Meanwhile, merchandise imports declined 1.7% on an annual basis in December (November: -4.1% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 4.1 billion shortfall in December (November 2024: USD 4.9 billion deficit; December 2023: USD 4.2 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 54.2 billion deficit in December, compared to the USD 54.3 billion deficit in November.