The Philippines’ total external trade in July contracted 18.6 percent from a year earlier to 13.13 billion U.S. dollars, the Philippine Statistics Authority (PSA) said on Thursday.
“This was slightly lower than its previous month’s annual drop of 18.7 percent,” the PSA said in a statement.
Of the total external trade in July 2020, the PSA said 57.0 percent were imported goods and the rest were exported goods.
Exports declined 9.6 percent in July, amounting to 5.65 billion U.S. dollars, from 12.5 percent drop a month ago.
The export earnings in July marked the fifth month in a row in which value of export contracted but the annual drop continued to weaken as it posted its third consecutive month of slower decline during the period.
The PSA said the cumulative export earnings from January to July amounted to 34.13 billion U.S. dollars, lower by 16.4 percent than the export value earned from January to July 2019.
The total imported goods in July, which amounted to 7.48 billion U.S. dollars, remained at downtrend with an annual rate of 24.4 percent.
The PSA said the value of imports contracted for the 15th straight month in July.
The cumulative import value from January to July amounted to 46.64 billion U.S. dollars, representing a decline of 28.1 percent compared with the same period of 2019.
The National Economic and Development Authority, the government’s economic planning agency, said the country’s merchandise trade performance continued to show signs of recovery in July.
“Month-on-month growth performance showing respectable growth indicates that the economy is steadily making its way out of the economic downturn,” Acting Socioeconomic Planning Secretary Karl Kendrick Chua said.
Source: China – ASEAN Business Council