RP trade deficit widens

RP trade deficit widens

MANILA (AFP): The Philippines' trade deficit rose 28.9 percent on an annual basis to US$3.16 billion in the first five months of the year, although capital goods accounted mainly for the rise in imports, the Central Bank said.

Merchandise exports rose 16.1 percent to $4.956 billion for the period, with manufactured goods posting a strong advance of $669 million due to increased demand for electrical and electronic equipments and parts, a bank statement said.

Imports surged 20.8 percent to $8.116 billion, with all major commodity groups except mineral fuels and lubricants registering upturns, it added.

The bank said capital goods imports, particularly aircraft, ships and boats, and telecommunication equipment and electrical machinery recorded the highest annual growth, amounting to $605 million.

The Central Bank did not provide the percentage figures for the increases in manufactured goods exports and capital goods imports.