13 Nov 2019, 09:00 — 3 min read
Both exports and imports have continued their slide in September. Exports slid 2.6%, coming in at US$5.9%, while imports declined 10.5%, with a flat US$9.0 billion level.
According to the Philippine Statistics Authority (PSA), the decline in export performance is from decreases in export sales of seven (7) of the top ten major export commodities. The same is true for the import side. Seven (7) of the top ten major import commodities have slid in the same period.
Third quarter (July, August, and September) trade performance indicates that export and import sales have tracked each other. This highly suggests that Philippine trade continues to be impacted by the protracted US-China trade conflict, and import performance, particularly, has not picked up yet with the government’s supposed spending catch-up. However, both export and import performances are expected to recover in the fourth quarter with positive news on the trade discussions between the US and China and the Duterte government’s spending catch-up efforts.
Article by: Ruben Carlo O Asuncion
While this document is based on information obtained from sources we believe to be reliable, we do not make any representations as to its accuracy, completeness, correctness, timeliness or use for any particular purpose. Opinions and statements expressed here are those of their author(s) as of the date of this report and not of Union Bank of the Philippines (UBP). The opinions and statements provided in this document are subject to change without prior notice. Any recommendation contained in this document does not have regard to the reader’s particular investment objectives, financial situation and any other specific needs. This document is for informational purposes only and UBP is not soliciting any action based on it. Nothing here shall to any extent substitute for the independent investigations and the technical and business judgment of the reader. Your use of this document and any of its contents is at your own risk and UBP does not accept any
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