Philippine exports increased at a slower-than-expected pace in May, preliminary figures from the Philippine Statistical Authority showed Tuesday.
Exports climbed 13.7 percent year-over-year in May, well below the 17.7 percent growth economists had expected.
The positive growth was mainly attributed to the increases in seven major commodities out of the top ten commodities for the month, the agency said.
Exports of electronic products, accounting for 50.0 percent of total exports, expanded by 17.8 percent.
Imports surged 16.6 percent in May from a year ago, much faster than the expected increase of 2.2 percent.
As a result, the visible trade deficit of the country widened to $2.75 billion in May from $2.24 billion in the corresponding month last year.
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