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Philippines' exports, imports post double-digit growth in May
[MANILA] The Philippines' statistics agency on Tuesday released data on May exports and imports.
Exports rose for a sixth straight month in May, growing by 13.7 per cent from a year ago, driven by hefty increases in shipments of cathodes and refined copper, coconut oil, other mineral products, the Philippine Statistics Authority said.
Japan was the biggest export market in May but orders shrank 9.4 per cent from a year earlier. Shipments to the United States rose 7.1 per cent, while exports to Hong Kong and China rose 32.7 per cent and 17.7 per cent, respectively.
Imports climbed 16.6 per cent from last year, reflecting higher purchases of metal products, transport equipment, iron and steel as the government boosts infrastructure spending.
The country had a trade deficit of US$2.753 billion in May, wider that US$2.24 billion gap in the same month last year.