The Philippines records a wider trade deficit of $5.48 billion in May, according to preliminary Philippine Statistics Authority (PSA) data cited by multiple outlets. The deficit expands by 50.5% year-on-year, marking the fourth consecutive month in which the gap widens compared with the same month a year earlier. PSA reports the deficit narrows relative to an April figure that was revised to $6.40 billion, an all-time high in the series.
The widening deficit is attributed to higher import spending that continues for the third month amid the Middle East war. In May, imports rise 21.9% year-on-year to $13.36 billion (reported as about $13.3 billion in one account). Exports increase at a slower pace, up 7.6% year-on-year to $7.87 billion (about $7.9 billion in another account).
Taken together, the faster growth in imports than exports keeps the trade gap elevated in May, even as it is lower than the revised April peak.
