Philippines: Merchandise exports gain steam in May
Latest reading: Merchandise exports soared 15.1% annually in May, on the heels of April’s 7.6% rise. May’s result marked the most robust increase since April 2024. Meanwhile, merchandise imports fell 4.4% in annual terms in May (April: -2.5% yoy), marking the weakest reading since June 2024.
As a result, the merchandise trade balance improved from the previous month, recording a USD 3.3 billion deficit in May (April 2025: USD 4.0 billion deficit; May 2024: USD 4.7 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 53.3 billion deficit in May, compared to the USD 54.7 billion deficit in April.