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Philippines Trade Data Showing Challenges For Regional Trade

PHILIPPINES
  • Philippines trade data provided a snapshot of the growing challenges to regional trade.
  • Having contracted in June by 3.1% the pace of contraction was expected to show a modest pick up.
  • However, July’s print sees a 17.3% contraction in exports and a 7.5% contraction in imports.
  • This resulted in a $4.3bn deficit for July and June’s deficit number revised up.
  • With GDP numbers out this week, the trade data will create questions as to the pace of the expected expansion for the Philippines economy.

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