Philippines' total external trade shrinks over 38 pct in May 2020

Source: Xinhua| 2020-07-10 13:17:47|Editor: huaxia

MANILA, July 10 (Xinhua) -- The Philippines' total external trade in goods in May amounted to 9.84 billion U.S. dollars, an annual decline of 38.7 percent, the Philippine Statistics Authority (PSA) said on Friday.

The PSA said this is lower than the steep 59.5 percent decline in April but faster than its rate of decrease of 0.1 percent in May 2019. Of the total external trade, the PSA said 59.5 percent were imported goods and the rest were exported goods.

The PSA said the trade deficit also dropped at a slower rate in May 2020.

The country recorded a trade deficit of 1.87 billion U.S. dollars in May, with an annual decline of 48.9 percent, the PSA added.

In April 2020, the trade deficit fell at a faster rate of 88.2 percent while in May 2019, it was slower at 6.0 percent.

PSA data showed that the country's total export sales in May 2020 amounted to 3.99 billion U.S. dollars, a decrease of 35.6 percent from the 6.20 billion U.S. dollars total export generated in May 2019.

According to the PSA, May was the third consecutive month that total exports was declining.

Exports to Japan comprised the highest value amounting to 731.89 million U.S. dollars during the month.

PSA data showed that total imported goods in May 2020 amounted to 5.85 billion U.S. dollars, down at an annual rate of 40.6 percent.

"This was the second highest annual drop since decreases were observed beginning May 2019," the PSA said.

The PSA said China was the country's biggest supplier of imported goods in May 2020. Enditem