September 11, 2024 | 12:00am
MANILA, Philippines — The country registered a $4.87 billion trade deficit in July, the widest shortfall in 16 months as both exports and imports posted increases.
Preliminary data from the Philippine Statistics Authority showed the balance of trade in goods or the difference between the value of exports and imports amounted to a $4.87 billion deficit in July, 18 percent wider than the $4.12 billion shortfall in the same month last year.
This is also the biggest trade gap since the $5.02 billion deficit in March last year.
In the January to July period, however, the country’s trade deficit narrowed to $29.91 billion from $31.75 billion in the same period last year.
Philippine merchandise exports went up slightly to $6.249 billion in July from $6.246 billion in the same month of 2023.
Electronic products, the country’s biggest exports, registered an 11.9 percent drop in earnings to $3.25 billion in July from $3.69 billion in the same month of the previous year.
The US remained the top destination of Philippine exports in July with $1.06 billion or 16.9 percent of the total.
In the January to July period, Philippine merchandise exports climbed by 2.6 percent to $42.66 billion from $41.58 billion in the same period a year ago.
Philippine imports rose by 7.2 percent to $11.12 billion in July from $10.37 billion in the same month last year.
Electronic products registered the highest import value amounting to $2.53 billion in July, 11.8 percent higher than the $2.27 billion in the same month a year ago.
China maintained its position as the country’s top source of imports in July with $3.08 billion or 27.7 percent of the total.
Goods imported by the Philippines in the January to July period, meanwhile declined slightly to $72.57 billion from $73.33 billion in the same period of 2023.
Total external trade in goods of the country reached $17.37 billion in July, 4.5 percent higher than the $16.62 billion in the same month last year.
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