Philippines: Merchandise exports slide in July
Merchandise exports decreased 1.2% in annual terms in July (June: +0.9% year-on-year). Meanwhile, merchandise imports plunged 15.3% over the same month last year in July (June: -15.0% yoy), marking the weakest reading since October 2020.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.2 billion shortfall in July (June 2023: USD 3.9 billion deficit; July 2022: USD 6.0 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 54.6 billion deficit in July, compared to the USD 56.4 billion deficit in June.