Philippine Exports Decline Sharply In May

The Philippine exports and imports declined sharply in May, the Philippine Statistics Authority said Friday.

Exports decreased 35.6 percent year-on-year in May, but slower than the 49.9 percent fall logged in April.

At the same time, imports were down 40.6 percent, after declining 65.3 percent in April.

Consequently, the trade balance showed a shortfall of $1.86 billion in May versus a $448.7 million deficit posted in April. In the same period last year, the deficit was $3.65 billion.

Data showed that shipments of electronic products continued to be the country's biggest exports. However, exports of electronic products declined 33.4 percent. Exports of other manufactured products plunged 50.6 percent.

Meanwhile, mineral products exports advanced 12.8 percent and exports of machinery and transport equipment grew 4.2 percent.