PH trade deficit narrows in May; China is top trade partner

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China is top destination for exports, also source of imports MANILA - The Philippines’ trade deficit narrowed in May to $4.4 billion as total external trade decreased, the Philippine Statistics Authority said on Tuesday. China also emerged as the Philippines’ top trading partner, consuming a major share of the country’s exports as well as being the top source of imported goods. The trade deficit in May was smaller than the $5.56 billion gap booked in the same month last year, and the $4.84 billion recorded in April this year. “In May 2023, the country’s total external trade in goods amounted...