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The Philippines total external trade of goods declined by 10% in the first seven months of the year to $114.4 billion as both exports and imports fell.
In July 2023 alone, external trade amounted to $16.5 billion, lower than June’s $17.3 billion and July 2022’s $18.4 billion, a reflection of a weakening of the global economy.
Exports in the first seven months of the year dipped by 8% to $41.09 billion from $44.75 billion a year ago while imports amounted to $73.27 billion, bringing the trade deficit to $32.18 billion.
The Philippines total external trade of goods declined by 10% in the first seven months of the year to $114.4 billion as both exports and imports fell.
In July 2023 alone, external trade amounted to $16.5 billion, lower than June’s $17.3 billion and July 2022’s $18.4 billion, a reflection of a weakening of the global economy.
Exports in the first seven months of the year dipped by 8% to $41.09 billion from $44.75 billion a year ago while imports amounted to $73.27 billion, bringing the trade deficit to $32.18 billion.
In July alone, however, the United States was the biggest export market accounting for $1.04 billion in export sales, followed by Japan at $861.5 million, and Hong Kong at $797.9 million.
The Philippines electronic exports have huge import components. In July, imports of electronic products including components fell by 19% to $2.26 billion.
In July alone, however, the United States was the biggest export market accounting for $1.04 billion in export sales, followed by Japan at $861.5 million, and Hong Kong at $797.9 million.
The Philippines electronic exports have huge import components. In July, imports of electronic products including components fell by 19% to $2.26 billion.
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