The merchandise trade increased by 15.2 percent as two-way trade transactions for the first seven months of 1997 reached $34.269 billion from $29.744 billion during the same period in 1996. Imports rose by 11.0 percent to $20.501 billion from $18.468 billion while exports grew by 22.1 percent to $13.767 billion from $11.276 billion. The balance of trade in goods (BOT-G) resulted in a deficit of $6.734 billion which was down by 6.4 percent from $7.192 billion a year ago.

Merchandise trade for May 1997 grew by 14.2 percent year-on-year to $4.939 billion from $4.324 billion. Imports valued at $2.956 billion grew by 9.0 percent from $2.712 billion, while exports rose by 23.0 percent to $1.983 billion from $1.612 billion. The deficit in the balance of trade in goods (BOT-G) dropped by 11.5 percent to $973 million from $1.1 billion during the same month in 1996. The BOT-G deficit has been declining year-on-year since March this year.

Value of merchandise trade transactions between the Philippines and the rest of world for the first quarter of 1997 increased by 15.5 percent to $13.905 billion from $12.041 billion recorded during the same period in 1996. Cost of imported merchandise rose by 14.2 percent to $8.400 billion from $7.356 billion while aggregate dollar receipts from exports improved by 17.5 percent to $5.505 billion from $4.685 billion. Compared to last year, the balance of trade in goods (BOT-G) posted a slower growth rate placed at 8.4 percent to $2.895 billion from $2.671 billion.