May trade deficit narrows to $4.60 billion – PSA

May trade deficit narrows to $4.60 billion – PSA

May trade deficit narrows to $4.60 billion – PSA

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The country’s trade-in-goods deficit in May narrowed as exports and imports fell after a month of expansion.

Preliminary data from the Philippine Statistics Authority (PSA) showed the trade-in-goods balance — the difference between exports and imports — amounted to a $4.60 billion deficit in May, narrowing from the $4.73-billion shortfall recorded in the previous month, but still wider than the $4.40 deficit in May last year.

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This was the narrowest trade gap since the previous month.

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READ: April trade deficit widens to $4.76 billion — PSA

Total sales of Philippine-made goods declined by 3.1 percent year on year to $6.33 billion in May, a reversal from the revised 27.9 percent growth in April and the 2.7 percent seen in the same period last year.

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By value, export receipt in May was the lowest since April.

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Likewise, the country’s merchandise imports fell by 0.03 percent year on year to $10.93 billion in May. This was a reversal from the previous month’s 13 percent growth. The contraction, however, was still lower than 8 percent decline in May 2023

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Import bill in May was the lowest level in two months or since the $9.57 billion in March.

The Development Budget Coordination Committee projects 5 percent and 2 percent growth in exports and imports, respectively, for this year.

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TAGS: Philippine Statistics Authority (PSA), PSA, trade deficit

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