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Philippine total trade grows 5.1pc in May, hitting $15.22b

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12th-Jul-2018       
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Xinhua, Manila :
The Philippines' total external trade in goods in May 2018 totaled 15.22 billion U.S. dollars, posting a positive growth of 5.1 percent from 14.48 billion U.S. dollars recorded in May 2017,
the Philippine Statistics Authority (PSA) said on Tuesday.
The PSA said total exports dipped by 3.8 percent from 5.99 billion U.S. dollars in May 2017 to 5.76 billion U.S. dollars in May 2018.
On the other hand, it said total imports increased to 9.46 billion U.S. dollars in May 2018 from 8.49 billion U.S. dollars in May 2017 or an annual growth rate of 11.4 percent.
Furthermore, the PSA said the country's balance of trade in goods (BoT-G) expanded to a 3.70 billion U.S. dollars deficit in May 2018, higher than the 2.51 billion deficit in May 2017.
Exports of electronic products increased 2.3 percent in May from the 3.06 billion U.S. dollars export receipts in May 2017, the PSA said.
It said electronic products continued to be the country's top export with total earnings of 3.13 billion U.S. dollars, accounting for 54.4 percent share to the total exports revenue in May 2018.
"The increase (of imports) was due to the positive growth of the nine out of the top ten major import commodities for May 2018, including mineral fuels, lubricants and related materials; iron and steel; miscellaneous manufactured articles; electronic products; telecommunication equipment and electrical machinery; plastics in primary and non-primary forms; metal products; other food & live animals; and industrial machinery and equipment," the PSA added.

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