Philippine trade gap widens to $5.48B in May

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MANILA, Philippines – The country’s trade deficit widened 50.5 percent to $5.48 billion in May as the import bill remained elevated three months into the Middle East war, the Philippine Statistics Authority (PSA) reported on Tuesday.

This marked the fourth straight month of year-on-year widening, although the deficit narrowed from the revised all-time high of $6.40 billion recorded in April.

READ: PH trade deficit worst in Asean

Imports grew nearly three times faster than exports, climbing 21.9 percent to $13.36 billion, while exports rose 7.6 percent to $7.87 billion. /pai INQ