Philippines: Merchandise exports fall in July
Merchandise exports declined 4.2% annually in July (June: +1.0% year-on-year). July’s figure marked the largest contraction since January 2021. Meanwhile, merchandise imports climbed 21.5% in annual terms in July (June: +26.3% yoy), marking the weakest result since February 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 5.9 billion deficit in July (June 2022: USD 5.9 billion deficit; July 2021: USD 3.5 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 56.5 billion deficit in July, compared to the USD 54.1 billion deficit in June.