Philippine exports surge in May, narrowing trade deficit
In May, Filipino exporters saw a significant boost in sales, leading to a decrease in the country's trade deficit. Export receipts reached $7.29 billion, marking a 15.1% year-on-year growth. The rise in electronic product exports played a key role in this positive trend. Import figures also showed a decline, with energy imports notably dropping by 40%. Overall, the trade balance is showing signs of improvement, driven by increased demand from key markets like the US and China.
Filipino exporters had a successful month in May, boosting the country's trade balance despite challenges from US tariffs. Export receipts reached $7.29 billion, marking a 15.1% year-on-year growth, the third highest in records dating back to 1991.
Earnings from electronic products, the top export category, increased by 8%, with semiconductor shipments up by 5%. Total exports for the first five months grew by 10.8% to $34.20 billion, leading to a narrower trade deficit.
Import data showed a 30.4% decrease in the trade deficit, with Filipinos spending $3.29 billion more on imports than they earned from exports. This was the smallest trade gap since February.
Imports dropped by 4.4% to $10.58 billion in May, with energy imports seeing a sharp decline of 40%. However, capital goods imports grew by 5% and consumer goods imports surged by 13.9%.
Experts believe that export growth may continue if global demand stabilizes and trade tensions ease, while import recovery will rely on domestic spending and investment activity.
According to the source: Inquirer.net.
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