RP trade deficit rises 9.3%

RP trade deficit rises 9.3%

MANILA (AFP): The Philippines' trade deficit grew 9.3 percent on the previous year to US$3.497 billion in the five months to May as imports continued to outpace exports, the National Statistics Office (NSO) said yesterday.

Import receipts expanded 21.9 percent to $9.982 billion from January to May, while export earnings rose 30 percent to $6.485 billion, the agency said.

Electronics and components remained the country's top import, rising 12.2 percent to $277.15 million, followed by mineral fuels, which climbed 64.2 percent to $266.14 million.

Industrial machinery and equipment imports slowed by 10.4 percent from April to May, but grew 25.4 percent year-on-year.

For the first time, the United States overtook Japan as the country's major source of imports mainly due to Manila's importation of U.S. yellow corn in May worth $7 million, NSO said.

Japan accounted for 20 percent of total imports.