Philippine exports post double-digit growth for third month

July 9, 2021 - 10:20 AM
Trading boats
The economic impact of the intensifying trade war between Washington and Beijing appeared to deepen last month with factory activity and export orders weakening across Asia. (Philstar/File photo)

MANILA — Philippine merchandise exports in May grew 29.8% from a year earlier, marking the third straight month of double-digit growth, but imports grew faster at 47.7%, government data on Friday showed.

Exports in May were valued at $5.89 billion, while imports totaled $8.65 billion, yielding a trade deficit of $2.76 billion, the Philippine Statistics Authority said.

—Reporting by Neil Jerome Morales and Enrico Dela Cruz Editing by Ed Davies