FX.co ★ Philippines Trade Deficit Widens In May

The Philippine trade deficit widened in May from the last year, as imports rose much faster than exports, the Philippine Statistics Authority showed on Tuesday.

The trade deficit increased to $5.678 billion in May from $3.180 billion in the same month last year. In April, the deficit was $5.348 billion.

Exports rose 6.2 percent yearly in May, same as seen in April.

Imports climbed 31.4 percent annually in May, following a 29.4 percent growth in the previous month. This was the biggest increase since December last year.