Merchandise exports and imports in the Philippines grew in July, following a sharp drop in June, according to data from the Philippine Statistics Authority (PSA).
Total external trade reached $17.37 billion in July, up from $16.62 billion a year earlier. Of the total, imports accounted for 64 percent, while exports made up the remaining 36 percent. This led to a trade deficit of $4.87 billion in July and $29.9 billion for the first seven months of the year.
Merchandise export sales totaled $6.249 billion in July, a slight increase of 0.1 percent from $6.246 billion in the same month last year. This followed a 17.3-percent year-on-year decline in June, when exports dropped to $5.57 billion.
The PSA said that in the first seven months, exports reached $42.66 billion, a 2.6-percent increase from $41.58 billion a year ago.
Electronic products remained the country’s top export in July, generating $3.25 billion in earnings, or 52.1 percent of the total. Other key exports included manufactured goods, valued at $421.25 million (6.7 percent) and mineral products, which brought in $259.93 million (4.2 percent).
By destination, the United States was the largest market for Philippine exports, receiving $1.06 billion in goods. Japan followed with $872.43 million, then China with $791.29 million, Hong Kong with $744.82 million, and South Korea with $305.17 million.
Meanwhile, imports rose 7.2 percent in July to $11.12 billion, up from $10.37 billion a year earlier. This marked the highest monthly import figure in 16 months. Imports fell 7.3 percent in June.
Data showed that in the first seven months of the year, imports fell 1 percent to $72.57 billion from $73.33 billion in the same period last year.
China was the Philippines’ largest supplier of imported goods in July, with shipments valued at $3.08 billion. Indonesia followed with $947.55 million, Japan with $893.54 million, South Korea with $810.32 million and the United States with $675.58 million.
