Philippine Trade Deficit Narrows In May

(RTTNews) - The Philippine foreign trade deficit decreased in May from a year ago as exports grew amid a fall in imports, preliminary data from the Philippine Statistics Authority showed on Friday.

The trade deficit dropped to $3.29 billion in May from $4.73 billion in the same month last year. In April, the shortfall was $3.97 billion.

Exports surged 15.1 percent year-over-year in May, faster than the 7.6 percent growth in the previous month.

By commodity group, electronic products were the country's top export in May, followed by other manufactured goods and gold.

Imports declined 4.4 percent annually in May, following a 2.5 percent fall a month ago.