Merchandise exports increase at a milder rate in July

Latest reading: Merchandise exports rose 7.5% annually in July, on the heels of June’s 10.8% upturn and underpinned by higher agricultural exports. Meanwhile, merchandise imports soared 17.7% in annual terms in July (June: +36.4% yoy), though this was still the weakest reading since November 2024. Imports have recently been buoyed by the strong peso in real terms plus reduced government restrictions on imports. As a result, the merchandise trade balance improved from the previous month, recording a USD 1.0 billion surplus in July (June 2025: USD 0.9 billion surplus; July 2024: USD 1.5 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 10.5 billion surplus in July, compared to the USD 10.9 billion surplus in June.

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