• The Philippines’ exports fell in December; economists expected a rise.
• Exports fell 0.5% y/y (estimate +3.2%) in December versus revised -13% in November, according to the Philippine Statistics Authority
  ** Estimates range -12.0% to +9.2%, 11 economists
• Exports fell to $5.78b from revised $6.231b in November
• Imports fell 5.1% y/y (estimate +1.7%) versus revised +1.3% in November
  ** Estimates range -2.4% to +5.5%, 11 economists
• Imports fell to $9.79b from revised $10.960b in November
• Trade deficit narrowed to $4.013b (estimate -$4.500b) from revised -$4.729b in November
  ** Estimates range -$4.819b to -$4.160b, 9 economists