• The Philippines’ exports fell more than economists expected in March.
• Exports fell 7.3% y/y (estimate -2.2%) in March versus +15.7% in February, according to the Philippine Statistics Authority
  ** Estimates range -10.7% to +12.0%, 14 economists
• Exports rose to $6.130b from revised $5.907b in February
• Imports fell 20% y/y (estimate -6.0%) versus revised +6.5% in February
  ** Estimates range -11.9% to +7.0%, 14 economists
• Imports fell to $9.311b from revised $9.569b in February
• Trade deficit narrowed to $3.181b (estimate -$4.100b) from revised -$3.663b in February
  ** Estimates range -$5.367b to -$3.900b, 10 economists