Philippines trade deficit narrows 30.4% to USD3.29B in May

The Philippines' trade deficit decreased by 30.4% to USD3.29 billion in May, according to data from the Philippine Statistics Authority.

Export sales increased by 15.1% to USD7.29 billion, with electronic products leading exports at USD3.84 billion.

The United States was the top export market for the Philippines, accounting for 15.3% of total exports in May.

Imports declined by 4.4% to USD10.58 billion, mainly due to a decrease in mineral fuels and related materials imports.

China remained the largest supplier of imported goods, accounting for 29.7% of total imports in May.

Year-to-date export numbers have been encouraging, with exports climbing by 10.8% to $34.2 billion from January to May, while imports increased by 4.4% to $53.87 billion.