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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.
This was the widest trade gap in 16 months or since the $5.02 seen in March 2023.
READ: Trade gap falls but raises concerns
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.
By value, export receipt in July was the highest since May.
Likewise, 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.
Import 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.