• The Philippines’ trade deficit widened in December; economists expected it to have narrowed.
  • Trade deficit widened to $4.60b (estimate -$3.587b) in December from revised -$4.596b in November, according to the Philippine Statistics Authority
    ** Estimates range -$4.200b to +$4.300b, 10 economists
  • Exports fell 9.7% y/y (estimate +9.0%) versus +13.2% in November
    ** Estimates range +6.5% to +15.0%, 11 economists
  • Imports fell 9.9% y/y (estimate -5.8%) versus revised -1.6% in November
    ** Estimates range -8.7% to -2.1%, 10 economists
  • Exports fell to $5.668b from $7.10b in November
  • Imports fell to $10.264b from revised $10.810b in November
  • 2022 exports rose 5.6% to $78.84b, while full-year imports were up 17.3% to $137.16b