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Financial News: Philippine Trade Deficit Widens In July

Philippine Trade Deficit Widens In July

09/09/2022 - 08:02:00 (RTTNews)

(RTTNews) - The Philippine foreign trade deficit increased notably in July as exports fell amid a sharp rise in imports, the Philippine Statistics Authority showed on Friday.

The jobless rate dropped in July after remaining stable in the prior month, separate official data showed.

The trade deficit increased to $5.927 billion in July from $3.505 billion in the same month last year. In June, the deficit was $5.869 billion.

Exports dropped 4.2 percent year-on-year in July, reversing a 1.0 percent increase in the previous month. This was the first fall since April last year.

Imports grew 21.5 percent annually in July, after a 26.3 percent gain in the previous month.

In an another report, the statistical office revealed that the unemployment rate dropped to 5.2 percent in July from 6.0 percent in the prior month.

The labor force participation rate came in at 65.2 percent in July versus 64.8 percent in the prior month.

Meanwhile, the employment rate rose marginally from 94.0 percent to 94.8 percent.

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