Trade Balance in Philippines
Philippines - Trade Balance
Merchandise exports shrink in March
Merchandise exports contracted 2.5% in annual terms in March, falling at a sharper rate than the upwardly revised 0.1% dip logged in February (previously reported: -0.9% year-on-year). March’s poor result marked the fourth consecutive contraction in exports and reflects the effects of a downturn in the tech cycle, a slowing Chinese economy, and weaker global trade amid the ongoing U.S.-China trade clash.
The decline in exports in March was primarily driven by a fall in electronic products shipments (March: -3.7% yoy; February: +0.8% yoy)—which account for more than half of total export revenue—due to slipping semiconductor exports. Meanwhile machinery and transport equipment; metal components; and other manufactured goods exports also tumbled in the month.
Import growth on the other hand picked up to 7.8% in March from 2.6% in February. The acceleration came on the back of a sharp rise in both consumer and capital goods imports.
Overall, the merchandise trade deficit widened to USD 3.1 billion in March, up from the USD 2.3 billion deficit logged in the same month a year prior and the USD 2.7 billion shortfall logged in February.
Philippines Trade Balance Forecast
Met the why particular Consensus Forecast panelists expect exports and imports to grow 4.0% and 4.6% respectively in 2019, with the trade deficit widening to USD 46.0 billion. For 2020, the panel projects exports and imports to grow 5.1% and 9.1% respectively and the trade deficit to widen further to USD 53.0 billion.
Philippines - Trade Balance Data
|Trade Balance (USD billion)||-5.7||-3.3||-12.2||-26.7||-30.0|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Trade Balance Chart
Source: National Statistics Office.
|Bond Yield||5.80||-4.11 %||May 11|
|Exchange Rate||52.46||0.02 %||May 13|
|Stock Market||7,742||0.66 %||May 11|
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May 16, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.5 billion in March, which was a 6.6% increase from the same month a year prior.
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At its 9 May monetary policy meeting, the Central Bank of the Philippines (BSP) cut the overnight reverse repurchase facility (RRP) to 4.50% from 4.75%, unwinding some of last year’s aggressive 175 basis point tightening.
May 9, 2019
The economy slowed notably in the first quarter of this year.
May 8, 2019
Merchandise exports contracted 2.5% in annual terms in March, falling at a sharper rate than the upwardly revised 0.1% dip logged in February (previously reported: -0.9% year-on-year).
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Consumer prices rose 0.25% over the previous month in April, following March’s flat print.