Philippines trade deficit at $4.9 billion in July

September 11, 2024 - 3:17 PM
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Shipment to Canada
The ship Anna Maersk is docked at Roberts Bank port carrying 69 containers of mostly paper and plastic waste returned by the Philippines in Vancouver, British Columbia, Canada June 29, 2019. (Reuters/Jason Redmond)

The Philippines posted a trade deficit PHTBAL=ECI of $4.9 billion for July, preliminary official data showed on Tuesday.

Imports PHIMP=ECI in July rose 7.2% from a year earlier to $11.1 billion, while exports PHEXP=ECIrose just 0.1% to $6.2 billion, the Philippine Statistics Authority said.

The trade deficit in July was the largest since the $4.9 billion shortfall in March 2023, while import growth was the fastest since the 12.6% expansion in April this year.

 —Reporting by Mikhail Flores and Karen Lema; Editing by John Mair