Philippines: Merchandise exports largely stagnate in August
Latest reading: Merchandise exports were broadly stable and rose just 0.3% year-on-year in August, on the heels of July’s 0.1% increase. Meanwhile, merchandise imports increased 2.7% on an annual basis in August (July: +7.3% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 4.4 billion deficit in August (July 2024: USD 4.9 billion deficit; August 2023: USD 4.1 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 51.0 billion deficit in August, compared to the USD 50.8 billion deficit in July.