The country’s trade deficit shrank to $500 million in April from a month and a year earlier as both exports and imports plunged by at least 50 percent, the Philippine Statistics Authority (PSA) reported on Wednesday. As a result, the country’s total external trade fell by 59.8 percent to $6 billion in April from $15.1 billion year-on-year. This allowed “more businesses to gradually restart [their] operations and sales in phases…” Ricafort told The Manila Times in an email. He noted that, while such trade could start to pick up, it could still be in contraction, as economic recovery could be slower. Ricafort also said that as more economies around the world were reopening and resuming activities activities, this could support the “gradual” improvement in the country’s exports and imports in the coming months.

Source: Manila Times June 10, 2020 17:03 UTC