The Philippines Narrowed its Trade Deficit in February 2020

The Philippines narrowed its trade deficit substantially to USD 1.7bn in February 2020 compared to USD 3.5bn in January 2020. That was mainly due to imports decreasing to USD 7.06bn in February from USD 9.2bn in the previous month.

On an annual basis, however, imports experienced decline by 11.6%. Exports amounted to USD 5.4bn in February 2020, down from USD 5.7bn in January. Compared to February 2019 they inched up by 2.8%.

Electronic products, a key export group, slowed down its growth for a second consecutive month to 3.4% y/y in February from 16.1% y/y in January 2020. In absolute terms, the exports of electronic products amounted to USD 2.9bn in the second month of the year compared to USD 3.2bn in January. This indicator has been maintaining the downward trend on a monthly basis since August 2019.

This data was taken from the Philippines indicator pages on the CEIC website. More detailed data and analysis can be found in the CEIC Global database - get in touch for a free demo to gain access.