Merchandise trade for the first eight months grew by 16.0 percent to $39.809 billion, an increase of $5.491 billion from $34.318 billion a year earlier. Payments for imported goods went up by 11.8 percent to $23.784 billion from $21.268 billion while receipts from exports increased by 22.8 percent to $16.025 billion from $13.050 billion. The balance of trade in goods (BOT-G) deficit narrowed down by 5.6 percent to $7.759 billion from $8.218 billion in 1996.

For the first six months of 1997 the two-way merchandise trade between the Philippines and the rest of the world expanded by 15.2 percent to $29.031 billion from $25.211 billion a year ago. Dollar outflows for purchases of foreign-made merchandise rose by 10.9 percent to $17.331 billion from $15.629 billion while revenue from exports grew by 22.1 percent to $11.7 billion from $9.582 billion. The balance of trade in goods (BOT-G) deficit dropped by 6.9 percent to $5.631 billion from $6.047 billion during the same period in 1996.

The balance of trade-in-goods (BOT-G) deficit for April 1997 dropped by 34.8 percent to $860 million from $1.319 billion year back as aggregate bills from imported goods posted a slower growth rate compared to revenue from merchandise exports. Imports valued at $2.942 billion grew by 4.7 percent from $2.811 billion, while exports rose by 39.5 percent to $2.082 billion from $1.492 billion in 1996. Total trade went up by 16.8 percent to $5.024 billion from $4.303 billion last year.