Supply Chain Research

International trade activity in the Philippines fell 5.8% year over year in June, largely due to a slump in imports of both commodities and manufactured items. Exports managed to rise 1.5% as a result of a 4.1% rise in exports by semiconductors, which likely included those from Texas Instruments and STMicro. That allowed the Philippines to outpace Asia more broadly with regional exports down 3.8% year over year drop in June. The region therefore remains in a trade recession after declined by 2.7% in total exports in 2Q after a 1.5% slide in 1Q. It remains to be seen whether the July incr...