July trade deficit hits record high $5.93 billion

September 9, 2022 - 4:16 PM
Container boxes are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China September 24, 2016. REUTERS/Aly Song/File Photo

 The Philippines posted a record high trade deficit of $5.93 billion in July PHTBAL=ECI, 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 $12.1 billion PHIMP=ECI, while exports fell 4.2% to $6.2 billion PHEXP=ECI, the Philippine Statistics Authority said.

—Reporting by Neil Jerome Morales and Enrico Dela Cruz; Editing by Martin Petty