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Trade deficit down by 48.9% in May

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Trade deficit down by 48.9% in May

THE country’s trade deficit declined by 48.9 percent to $1.87 billion in May this year from $3.64 billion a year ago, the Philippine Statistics Authority (PSA) reported on Friday.

PSA data showed that the deficit in May was however higher than the $448.7 million reported in April.

Export sales plunged to $3.99 billion, down by 35.6 percent from last year’s $6.20 billion.

Total value of imported goods on dropped by 40.6 percent to $5.85 billion from $9.84 billion in May 2019.