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

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