For the Philippines, the backdrop to this US court ruling on Trump’s tariff policy is mixed. Data from the Philippine Statistics Authority (PSA) on Friday showed the July trade deficit narrowed to $4.05 billion, down 17 percent from $4.88 billion a year earlier.
Exports jumped 17.3 percent to $7.34 billion, led by electronics at more than half of total shipments, while imports inched up 2.3 percent to $11.38 billion. The US remained the country’s top export market, followed closely by Hong Kong, Japan, and China.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the July deficit was the narrowest in two months after June’s $4.4 billion shortfall.
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