Philippines enjoys 5.1 percent rise in trade in May
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).
A corner of Manila, Philippines. (Source: AFP/VNA)
Hanoi (VNA) - The Philippines' total external trade in goods in May reached15.22 billion USD, up 5.1 percent from 14.48 billion USD recorded in the same monthlast 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 yearto 5.76 billion USD in May this year.
Meanwhile, imports increased to 9.46 billion USD in May 2018 from 8.49 billionUSD 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 deficitin May 2018, higher than the 2.51 billion deficit in May 2017.
The Asian Development Bank (ADB) forecast that the Philippine economy wouldgrow 6.8 percent in 2018 and 6.9 percent in 2019, compared to a 6.7 percent risein 2017. Rising domestic demand, remittances and employment, in addition toinfrastructure spending, will drive the growth, according to the bank.-VNA
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A corner of Manila, Philippines. (Source: AFP/VNA) 
