Philippines: Trade deficit balloons to record as economy gradually reopens – ING

Dhwani Mehta FXStreet

Economists at ING bank offer their afterthoughts on the Philippines Trade Balance report, which saw the trade deficit at a new record.

Key quotes

“November trade data showed both exports and imports rising although the key metric in this release was for inbound shipments (imports) growth, which accelerated to 36.8%YoY. This surge in imports was much greater than anticipated (28.2% forecast) and was enough to push the overall trade balance deep into deficit territory. “

“The November trade gap hit a record -$4.7bn with strong growth recorded in almost all import subcategories. “

“The Philippine economy continues to gradually reopen although new waves of Covid-19 could threaten to delay some of the recent progress.”

“Meanwhile, exports gained 6.6%, driven in large part by the 5.6% growth of electronics exports, which comprises more than 50% of total exports.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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