Philippines: Merchandise exports decline in August
Merchandise exports decreased 2.0% on an annual basis in August, following July’s 4.1% decrease. Meanwhile, merchandise imports shot up 26.0% on an annual basis in August (July: +22.2% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 6.0 billion shortfall in August (July 2022: USD 6.0 billion deficit; August 2021: USD 3.3 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 59.3 billion deficit in August, compared to the USD 56.6 billion deficit in July.