The Philippines will release March trade balance and import data on 26 trade balance is expected to have narrowed to a deficit of USD 400mn, from a deficit of USD 837mn in February.
Export growth improved in March to 2.1% y/y from a decline of 3% in February, which likely helped reduce the trade deficit. A pick-up in external demand is expected over the rest of the year, which should also fuel demand for intermediate goods.
Higher growth in electronic imports is likely to have supported March import growth – 5.3% y/y of overall import growth, versus 13.4% in February, according to Standard Chartered.
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