Philippines: Merchandise exports slide in December
Merchandise exports decreased 0.5% on an annual basis in December (November: -13.0% year-on-year). Meanwhile, merchandise imports declined 5.1% on an annual basis in December (November: +1.3% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 4.0 billion shortfall in December (November 2023: USD 4.7 billion deficit; December 2022: USD 4.5 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 52.4 billion deficit in December, compared to the USD 52.9 billion deficit in November.