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16
Oct
2019
Exports grew for the fourth straight month, narrowing the trade deficit as imports continued to move in the negative territory, data from the Philippine Statistics Authority show.
The PSA said exports increased 3.5 percent in July to $6.17 billion, on the back of higher shipments of gold, fresh bananas, machinery and transport equipment and electronics.
Merchandise imports declined 4.2 percent in July to $9.57 billion. This reduced the trade deficit in July to $3.39 billion from $4.02 billion deficit a year ago.
Pernia said the effects caused by the long-standing trade tensions between the United States and China were beginning to show as global manufacturing sentiment continued to falter with manufacturing purchasing manager indexes for powerhouses like Japan, South Korea, Taiwan sustaining declines in July.