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hb88 July trade deficit widens to $4.87 billion – PSA
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The Philippines’ trade-in-goods deficit in July ballooned to its widest in 16 months as imports and exports bounced back from a month of contraction.
Preliminary data from the Philippine Statistics Authority (PSA) showed the trade-in-goods balance — the difference between exports and imports — amounted to a $4.87 billion deficit in July, widening from the $4.32-billion shortfall recorded in the previous month and the $4.12 deficit in July last year.
Article continues after this advertisementThis was the widest trade gap in 16 months or since the $5.02 seen in March 2023.
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Total sales of Philippine-made goods grew by 0.1 percent year on year to $6.25 billion in July, a reversal from the revised 17.3 percent decline in June, however, July growth was a match in last year.
Article continues after this advertisementBy value, export receipt in July was the highest since May.
Article continues after this advertisementLikewise, the country’s merchandise imports rose by 7.2 percent year on year to $11.12 billion in July. This was a reversal from the previous month’s 7.3 percent contraction. The contraction, however, was still lower than the 15.1 percent decline last year.
Article continues after this advertisementImport bill in July was the highest level since $11.63 billion recorded in March a year ago.
The Development Budget Coordination Committee projects 5 percent and 2 percent growth in exports and imports, respectively, this year.
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