Philippine Trade Balance May 2022

Merchandise exports rose 6.2% year-on-year in May after rising 6.2% in April. Meanwhile, merchandise imports rose 31.4% year-over-year in May (April: +29.4% y/y), the strongest since December 2021.

As a result, the merchandise trade balance deteriorated month-on-month, posting a $5.7 billion deficit in May (April 2022: $5.3 billion deficit; May 2021: $3.2 billion deficit). US dollars). Finally, the trend was downward, with the 12-month rolling merchandise trade balance recording a $53.5 billion deficit in May compared to a $51.0 billion deficit in April.

FocusEconomics Consensus Forecast experts predict that exports will grow by 4.5% in 2022, while imports will increase by 5.2%, and the trade deficit will be 46.0 billion US dollars. In 2023, exports and imports will grow by 5.6% and 2.9%, respectively, and the trade deficit will be $45.2 billion.