Philippines: Merchandise exports rise at a softer pace in June
Merchandise exports soared 17.6% over the same month last year in June (May: +30.8% year-on-year). June’s slowdown was chiefly driven by a markedly softer increase in electronic equipment and parts shipments.
Meanwhile, merchandise imports soared 34.2% on an annual basis in June (May: +55.6% yoy). June’s lower reading largely reflected a milder expansion in imports of mineral fuels, lubricants and related materials as well as of industrial machinery and equipment.
As a result, the merchandise trade balance recorded a USD 2.8 billion deficit in June (May 2021: USD 3.2 billion deficit; June 2020: USD 1.4 billion deficit). However, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 30.7 billion deficit in June, compared to the USD 29.3 billion deficit in May.