Philippine trade deficit widened to $4.6bn in May, with exports declining 3.1% and stable imports.

The Philippine trade deficit widened to $4.6bn in May, with exports declining 3.1% and imports remaining relatively stable. The overall external trade decreased by 1.2% to $17.26bn. The balance of trade in goods showed a 4.5% increase in the deficit compared to the previous year. The US contributed the highest export value in May, while China was the largest supplier of imported goods. The trade deficit is expected to have no substantial or lasting consequences on the Philippine currency.

July 10, 2024
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