Philippine trade contracts at slower pace in June

Philippine merchandise exports and imports continued to contract in June but at a slower rate compared to previous months.

Exports declined by 13.3% year-on-year to $5.33 billion, while imports fell by 24.5% to $6.63 billion.

The trade deficit narrowed to $1.30 billion from $2.64 billion in June last year.

NEDA noted that the gradual recovery signals the resumption of economic activities as the country reopens after lockdowns, though a two-week MECQ may affect businesses temporarily.

Trade with major partners showed slower contractions but remains negative due to global demand factors and trading partners' economic conditions.