Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

May trade deficit widens as imports climb

by
July 12, 2022
in Investing News
0
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter

The country’s trade-in-goods deficit grew slightly in May as imports rose to its five-month high, the Philippine Statistics Authority (PSA) reported this morning.

Preliminary data from the PSA showed the value of merchandise exports went up by 6.2% year on year to $6.310 billion in May, steady from the revised 6.2% in April but lower than 30.8% in May last year.

Likewise, merchandise imports grew by 31.4% annually to $11.989 billion in May. This was faster than the revised 29.4% in April, but slower than the 55.8% growth in May 2021.

This was the highest import growth in five months or since the 39.1% growth in December 2021.

This brought trade-in-goods deficit — the difference between exports and imports — to $5.679 billion in May, wider than the $3.180 billion deficit a year ago. The trade gap that month was also larger than the revised $5.349 billion deficit in April.

Total trade — the sum of exports and imports — grew by 21.5% to $18.299 billion, up from 20.3% in April, but lower than the 44.9% in May 2021.

Year to date, exports rose by 8.4% to $31.874 billion, above the 7% growth projected by the Development Budget and Coordination Committee for 2022.

Similarly, imports grew by 29% year on year to $56.796 billion in the first five months of 2022. This was also above the revised 18% imports growth penciled in by the government this year.

In the five months to May, the trade balance ballooned to a $24.922 billion deficit from $14.623 billion trade gap a year ago.

Total trade in the first five months rose by 20.8% to $88.670 billion from $73.421 billion in the January-May period last year.

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
US Treasury’s Yellen, Japan’s Suzuki to discuss weak yen, more sanctions on Russia

US Treasury’s Yellen, Japan’s Suzuki to discuss weak yen, more sanctions on Russia

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Trusted ways to upskill the workforce

Trusted ways to upskill the workforce

July 29, 2022
Emerging markets seen under pressure from expanded debt burdens

Emerging markets seen under pressure from expanded debt burdens

June 28, 2022
Crypto breaks the rules. That’s the point.

Crypto breaks the rules. That’s the point.

July 27, 2022
Marcos plans action on ICC drug investigation

Marcos plans action on ICC drug investigation

July 28, 2022
CHAS launches new Fairness, Inclusion and Respect Growth Assessment

CHAS launches new Fairness, Inclusion and Respect Growth Assessment

June 16, 2022
Udenna denies debt default as shares in Philippine-listed units slide

Udenna denies debt default as shares in Philippine-listed units slide

July 25, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.