Trade gap hits $3.7B as exports keep falling

The country’s trade deficit further widened in May, the government reported on Tuesday, as imports continued to post double-digit growth and exports contracted anew.

Merchandise exports for the month fell by 3.8 percent to $5.76 billion from a year earlier while inbound shipments grew by 11.4 percent to $9.46 billion, the Philippine Statistics Authority (PSA) said, bringing the trade balance to a deficit of $3.7 billion.