MANILA, June 10 (Reuters) - The Philippines' trade deficit
narrowed to the lowest in more than five years in April, the
statistics agency said on Wednesday, as imports plunged by a
record amount amid slowing activity due to the coronavirus
pandemic.
The 65.3% drop in imports in April was greater than the
record 50.8% fall in exports, resulting in a trade deficit of
$499 million.
Hefty declines were recorded in the import of transport
equipment, iron and steel, industrial machinery and equipment,
mineral fuels, among others, as domestic economic activity
slowed due to the pandemic-induced lockdown.
The Philippine economy is expected to contract for the first
time in more than two decades this year.