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Economy
1 MIN READ
Philippines July trade deficit hits record high USD 5.93 billion
September 9, 2022
By Reuters
By Reuters
MANILA, Sept 9 (Reuters) – The Philippines posted a record high trade deficit of USD 5.93 billion in July, as the value of imports increased at double-digit pace while exports contracted, government data showed on Friday.
Imports rose 21.5% from a year earlier to USD 12.1 billion, while exports fell 4.2% to USD 6.2 billion, the Philippine Statistics Authority said
(Reporting by Neil Jerome Morales and Enrico Dela Cruz; Editing by Martin Petty)
This article originally appeared on reuters.com