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Philippines Trade Balance June 2020

Philippines: Exports fall at slower pace in June

Merchandise exports plummeted 13.3% year-on-year in June (May: -26.9% yoy). June’s reading marked the smallest contraction in three months, after exports began to plummet in March in the wake of the global shutdown due to the coronavirus. Overseas sales of agricultural, manufactured and electronic products all dropped again in June as the global economy continued to flounder, although at softer paces than in May.

Meanwhile, merchandise imports plunged 24.5% over the same month last year in June (May: -40.6% yoy) reflecting the weak domestic economy. As a result, merchandise trade balance improved, recording a USD 1.3 billion shortfall in June (June 2019: USD 2.6 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 30.8 billion deficit in June, compared to the USD 32.2 billion deficit in May.

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