6-8-2024 (MANILA) The Philippines’ trade balance has taken a significant hit, with the country reporting a substantial trade deficit of $4.3 billion for June, according to the latest data released by the Philippine Statistics Authority (PSA) on Tuesday.
The figures reveal a worrying trend in the nation’s international trade performance, with exports experiencing a sharp decline of 17.3% compared to the same period last year. This substantial contraction in outbound shipments highlights the challenges faced by Philippine exporters in the current global economic climate.
Imports also saw a downturn, albeit less severe, with a 7.5% reduction year-on-year. The total value of goods entering the country stood at $9.87 billion, while exports amounted to $5.57 billion.
