Philippines: Merchandise exports increase solidly in July
Merchandise exports rose 12.7% in annual terms in July, following June’s 18.8% jump. July’s outturn marked the weakest increase since February. The largest increases were for coconut oil and cathodes, whilst machinery and transport equipment exports fell. Meanwhile, merchandise imports grew 24.0% over the same month last year in July (June: +43.4% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.3 billion deficit in July (June 2021: USD 2.8 billion deficit; July 2020: USD 2.1 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 31.8 billion deficit in July, compared to the USD 30.7 billion deficit in June.