Export earnings post lowest growth in June since Oct 2020

The country’s export earnings posted its lowest growth in June since October 2020, according to the latest data from the Philippine Statistics Authority (PSA).

Data from the PSA showed export receipts grew 1 percent in June 2022 and 7.1 percent in the first semester or the January to June period this year. In October 2020, the country’s export earnings contracted 0.9 percent.

Imports, meanwhile, surged 26 percent in June 2022 and posted an average growth of 26.7 percent in the first semester this year. This is the slowest growth since January 2022 when imports posted a growth of 25.3 percent.

The data also showed the country’s total external trade in goods amounted to $19.13 billion which indicates an annual growth rate of 16.1 percent. In the previous month, the annual increase was faster at 20.8 percent, while in June 2021, it grew by 32.0 percent.

Of the total external trade in June 2022, 65.3 percent were imported goods, while the rest were exported goods.

With this, the country registered a trade deficit amounting to $5.84 billion. This represented an annual increase of 75.4 percent in June 2022.

The trade deficit in May recorded an annual increase of 74.7 percent, while in June 2021, it was at 133.9 percent.