FX.co ★ Philippine Trade Gap Narrows In June

The Philippine foreign trade deficit decreased in May as exports rose amid a sharp fall in imports, the Philippine Statistics Authority showed on Tuesday.

The trade deficit dropped to $4.4 billion in May from $5.6 billion in the same month last year. In April, the deficit was $4.8 billion.

Exports climbed 1.9 percent year-on-year in May, reversing a 20.2 percent slump in the previous month.

Imports declined 8.8 percent annually in May, slower than the 15.0 percent plunge in the previous month.