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July trade deficit widens to record $5.9 billion

The country’s goods trade deficit widened to another record in July even as growth rates of exports and imports both declined to their lowest in more than a year, the Philippine Statistics Authority reported on Friday.

Preliminary data from the agency showed the value of outbound shipment of goods amounted to $6.212 billion in July, declining by 4.2% annually from $6.485 billion in the same month last year. It was also lower than the revised $6.644 billion recorded in June.

July’s contraction marked the first time exports growth declined since February last year. However, it was the sharpest fall in 18 months, or since January 2021’s 4.4% decline.

Meanwhile, imports went up 21.5% to $12.139 billion in July from $9.991 billion last year. However, this pace eased from 26.3% year-on-year expansion in June.

It was the slowest imports growth in 17 months, or since the 9% increase in February last year.

This brought the trade-in-goods balance — the difference between exports and imports — to a record $5.927-billion deficit in July.

It was wider than the $5.869-billion gap recorded the previous month and the revised $3.505-billion deficit in July 2021.

The total trade — the sum of exports and imports — increased 11.4% to $18.351 billion in July. The growth was slower than the revised 16.2% in the preceding month and the 21.8% of the same month last year.

Year to date, exports rose by 5.4% to $44.739 billion, below the 7% growth target set by the Development Budget Coordination Committee.

Imports also increased by 25.9% to $80.486 billion in the January to July period. This was already above the government’s 18% full-year target this year. — MIUCFrom: Mariedel Irish U. Catilogo <mucatilogo@bworldonline.com>Sent: Friday, September 9, 2022 9:47 AMTo: Mark Amoguis <mtamoguis@bworldonline.com>Subject: SLUG- Trade data for July 2022

The country’s value of export recorded a decline in July while imports slowed to its slowest in 17 months.

The value of export of merchandise declined by 4.2% year on year to $6.211 billion in July, preliminary data from the Philippine Statistics Authority showed.

This was a turnaround from the 1% growth recorded in the previous month and the 13.8% in July last year.

This marked the lowest contraction since the 4.4% in January 2021.

Meanwhile, the country’s imports rose by 21.5% to $12.139 billion in July, lower than the 26.3% growth recorded in the previous month and the 27.5% import growth in July 2021.

This was the slowest annual growth since the 9% seen in February 2021.

This brought the trade-in-goods deficit to a record of $5.927 billion in July.

It was wider than the $5.869-billion gap recorded last month and the revised $3.505-billion deficit in July 2021.

The total trade balance slowed down to 11.4% to $18.351 billion. The growth was slower than the revised 16.2% in the preceding month and the 21.8% of the same period last year.

The United States, which accounted for 17% or $1.056 billion of the total receipts, was the top export destination in July. It was followed by Japan’s 14.4% and China’s 12.9% share.

China was also the country’s main source of imports in July with 20% share or $2.427 billion, followed by South Korea’s 10.6%, and Indonesia’s 10.1%.

The Development Budget Coordination Committee forecasts exports and imports to grow by 7% and 18%, respectively.

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