Trade Update: Exports stay resilient

The Philippine trade deficit in October narrowed by 34.2% year-on-year to USD 3.83 billion, as export growth accelerated and imports declined.

Key points

• The country’s total deficit decreased by 8.7% year-to-date to USD 41.32 billion.
• Exports growth quickened to 19.4% year-on-year from the revised 16.2% in the preceding month. Meanwhile, imports declined by 6.5%, a reversal from its growth in September.
• Manufactured goods remained the top export commodity and grew by 26.8% year-on-year. Meanwhile, raw materials and intermediate goods, the country’s top import, contracted by 0.1%.

Read what Metrobank’s chief economist has to say about Finding the Philippines’ economic mojo here.

Metrobank’s take

• Goods exports are expected to sustain their growth trajectory, helping strengthen the country’s trade position moving forward.
• A decline in imports may be a signal of weak consumption and private investments, underscoring the need for further easing to support an underperforming economy.

(Disclaimer: This is general investment information only and does not constitute an offer or guarantee, with all investment decisions made at your own risk. The bank takes no responsibility for any potential losses.)  

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ECONOMIC UPDATES  

Philippines Trade Update: Exports momentum continues

A narrower trade deficit may be supportive of economic growth

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