31 July 2025 Emerging Asia Monitor Big catch-up themes in PH two-way trade; net exports key to Q2 GDP

Two-way trade in the Philippines easily beat the consensus in June, but base effects helped hugely…
…Still, underlying the inflated headlines are real recoveries in chip exports and capital goods imports.
Net exports will be the star of the show in next week’s Q2 GDP; we now see the headline at 5.3%.

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