Philippine's trade deficit likely narrowed on stronger export growth

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.