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.