Philippines: Merchandise exports nearly grind to a halt in June
Merchandise exports rose weakly by 0.8% year-on-year in June, on the heels of May’s 2.4% increase. Meanwhile, merchandise imports plummeted 15.2% on an annual basis in June (May: -8.1% yoy), marking the weakest reading since October 2020.
As a result, the merchandise trade balance improved from the previous month, recording a USD 3.9 billion shortfall in June (May 2023: USD 4.4 billion deficit; June 2022: USD 5.9 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 56.4 billion deficit in June, compared to the USD 58.3 billion deficit in May.