The Philippines’ trade with the rest of the world jumped 39.9 percent year-on-year to $14.5 billion in May amid global economic recovery and gradual easing of domestic quarantine restrictions, the government reported on Friday.
The latest preliminary Philippine Statistics Authority (PSA) data showed that merchandise exports and imports combined reversed the 35.2-percent drop to $10.4 billion a year ago.
But the growth in external trade in May was slower than the 114.5-percent year-on-year jump in April. Two-way foreign trade figures a year ago fell during the most stringent enhanced community quarantine (ECQ) imposed from mid-March to May 2020, which shut down 75 percent of the eco…
Keep on reading: Despite 40% growth, May foreign trade disappoints