RP imports down 1.6% in May

RP imports down 1.6% in May

MANILA: Merchandise imports in the Philippines fell 1.6 percent from a year earlier to US$3.277 billion in May, the government said Tuesday.

Imports had risen 8.3 percent in April. The government is aiming for an 11 percent growth in imports and 10 percent in exports this year.

For the five months to May, imports are up 5.1 percent to $16.479 billion, the National Statistics Office said.

The Philippines' trade deficit narrowed to $18 million in May from $504 million a year ago. For the five months to May, the deficit also narrowed to $1.058 billion from $1.476 billion previously. -- AFP