Philippines: Merchandise exports contract at a steeper pace in June
Merchandise exports plummeted 17.3% year-on-year in June, on the heels of May’s 3.1% decrease. June’s figure marked the worst decline since April 2023. Meanwhile, merchandise imports fell 7.5% over the same month last year in June (May: +1.0% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 4.3 billion shortfall in June (May 2024: USD 4.7 billion deficit; June 2023: USD 3.9 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 50.0 billion deficit in June, compared to the USD 49.6 billion deficit in May.