Philippines: Merchandise exports increase at a milder pace in February
Latest reading: Merchandise exports climbed 4.0% on an annual basis in February (January: +6.3% year-on-year). The electronics sector likely prevented a sharper loss in momentum amid strong global demand for semiconductors. Meanwhile, merchandise imports declined 1.8% over the same month last year in February (January: +11.2% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 3.2 billion shortfall in February—a near four-year low (January 2025: USD 5.1 billion deficit; February 2024: USD 3.6 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 54.7 billion deficit in February, compared to the USD 55.2 billion deficit in January.