Philippines: Merchandise exports gain steam in August
October 12, 2021
Merchandise exports jumped 17.6% annually in August (July: +13.8% year-on-year), aided by higher sales of electronics. Meanwhile, merchandise imports climbed 30.8% in annual terms in August (July: +29.5% yoy), spurred by much higher energy prices.
As a result, the merchandise trade balance improved from the previous month, recording a USD 3.6 billion deficit in August (July 2021: USD 3.7 billion deficit; August 2020: USD 2.2 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 34.2 billion deficit in August, compared to the USD 32.8 billion deficit in July.