Philippine exports grew at a faster-than-expected pace in July, preliminary figures from the Philippine Statistical Authority showed Tuesday.
Exports surged 10.4 percent year-over-year in July, well above the 5.8 percent rise in June. Economists had expected the growth to accelerate to 8.5 percent.
The positive growth was mainly attributed to the increases in six major commodities out of the top ten commodities for the month, the agency said.
Exports of electronic products, accounting for 52.3 percent of total exports, expanded by 11.8 percent.
At the same time, imports dropped 3.2 percent in July from a year ago, following a 1.3 percent fall in June. In contrast, it was expected to climb by 7.0 percent.
As a result, the visible trade deficit of the country narrowed to $1.65 billion in July from $2.37 billion in the corresponding month last year.
Source: RTT News