Both exports and imports dropped at a slower pace in July, compared to the previous months, as the trade sector continued to feel the impact of community lockdown amid the coronavirus pandemic.
The Philippine Statistics Authority said exports declined 9.6 percent in July to $5.65 billion following a 12.5-percent slump in June.
“The export earnings in July 2020 marked the fifth month in a row in which value of export contracted but the annual drop continued to weaken as it posted its third consecutive month of slower decline during the period,” the PSA said.
Meanwhile, imports fell 24.4 percent in July to $7.48 billion from $9.89 billion a year ago.
ING Bank Manila senior economist Nicholas Mapa said the ongoing pandemic continued to weigh on overall trade activity with both exports and imports falling in July. “Exports are likely to remain subdued for the balance of the year and possibly into mid 2021 as the global economy slowly recovers from the ill effects of COVID-19,” Mapa said.