Philippines: Exports skyrocket in May
July 10, 2012
In May, exports rose 19.7% over the same month last year. The reading was well above both the 7.6% increase observed in April and market expectations that had exports rising 6.8%. May's increase mainly reflected stronger export growth of manufactured products. Meanwhile, in April, the latest month for which data are available, imports fell 13.7% year-on-year, which followed on a 3.3% decrease tallied in March. As a result, the trade deficit shrank to a USD 135 million shortfall in April, which was up from the USD 1.2 billion deficit observed in the same month last year.