Hanoi (VNA) – The Philippines’ total external trade in goods in May reached 15.22 billion USD, up 5.1 percent from 14.48 billion USD recorded in the same month last year, according to the Philippine Statistics Authority (PSA).
The PSA said exports fell by 3.8 percent from 5.99 billion USD in May last year to 5.76 billion USD in May this year.
Meanwhile, imports increased to 9.46 billion USD in May 2018 from 8.49 billion USD in May 2017 or an annual growth rate of 11.4 percent.
Besides, the country’s balance of trade in goods expanded to a 3.7 billion USD deficit in May 2018, higher than the 2.51 billion deficit in May 2017.
The Asian Development Bank (ADB) forecast that the Philippine economy would grow 6.8 percent in 2018 and 6.9 percent in 2019, compared to a 6.7 percent rise in 2017. Rising domestic demand, remittances and employment, in addition to infrastructure spending, will drive the growth, according to the bank.-VNA