Philippines: Merchandise trade deficit narrows in May
Latest reading: In May, the trade balance was USD -5.5 billion, following a USD -6.4 billion reading in the previous month. Over the last 12 months, the trade balance summed to USD -54.9 billion.
Merchandise exports increased 7.6% in annual terms in May, coming on the back of 7.2% growth in the previous month, supported by ramped up shipments of electronics, coconut oil and gold. Meanwhile, merchandise imports were up 21.9% in annual terms in May, coming on the back of a 27.3% increase in the prior month.