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Financial News: Philippine Trade Deficit Widens In May

Philippine Trade Deficit Widens In May

07/09/2021 - 03:00:00 (RTTNews)

(RTTNews) - The Philippine trade deficit increased in May from the last year, the Philippine Statistics Authority showed on Friday.

The trade deficit increased to $2.755 billion in May from $1.313 billion in the same month last year. In April, the deficit was $3.084 billion.

Exports grew 29.8 percent yearly in May, after a 74.1 percent gain in April.

Imports rose 47.7 percent annually in May, after a 152.8 percent growth in the previous month.

Among major commodity groups, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships accelerated 220.7 percent yearly in May. Exports of metal components rose 150.8 percent, and cathodes and sections of cathodes, of refined copper grew by 135.4 percent.

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