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Philippines Trade August 2023

Philippines: Merchandise exports increase in August

Merchandise exports climbed 4.2% annually in August (July: -0.9% year-on-year). August’s result marked the best reading since November 2022. Meanwhile, merchandise imports dived 13.1% over the same month last year in August (July: -15.2% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 4.1 billion deficit in August (July 2023: USD 4.2 billion deficit; August 2022: USD 6.0 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 52.7 billion deficit in August, compared to the USD 54.6 billion deficit in July.

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