The Philippines set a new record trade deficit in May, with $2.8 billion reported being 1.8x economists’ forecasts. Imports jumped 17%, in part due to higher oil purchases that may prove temporary. Export growth of 14% included a slowing of shipments to China. These rose just 4%, the lowest rate in the past 10 months. A recovery in exports is possible as purchasing managers’ sentiments in China and the U.S. are at multi-year highs.