Philippines: Merchandise exports drop in May
Merchandise exports declined 3.1% in annual terms in May, following April’s 27.9% upturn. Meanwhile, merchandise imports were broadly stable on an annual basis in May (April: +13.0% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 4.6 billion shortfall in May (April 2024: USD 4.7 billion deficit; May 2023: USD 4.4 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 49.5 billion deficit in May, compared to the USD 49.3 billion deficit in April.