Trade shortfall narrows in April

MANILA, Philippines — The Philippines posted a smaller trade deficit in April as both exports and imports registered double-digit declines.

Preliminary data released by the Philippine Statistics Authority (PSA) yesterday showed the balance of trade in goods, or difference between the value of exports and imports, amounted to a $4.53-billion shortfall in April, down from the $5.32-billion gap in the same month last year, and the $5.10-billion deficit in March.

The country’s merchandise exports fell by 20.2 percent to $4.90 billion in April from $6.14 billion in the same month last year.

Exports in April also decreased from $6.53 billion in March.

Posting the biggest decline in exports’ value was electronic products, which dropped to $2.67 billion in April from $3.25 billion in the same month last year.

This was followed by other mineral products, which decreased by $190.19 million and coconut oil by $182.14 million.

China was the country’s biggest export market in April, accounting for $772.47 million or 15.8 percent of the total.

Goods imported by the country slid by nearly 18 percent to $9.43 billion in April from $11.46 billion in the same month in 2022.

Imports in April also declined from the previous month’s $11.63 billion.

Mineral fuels, lubricants and related materials registered the biggest drop in imports in April at $927.86 million, followed by electronic products which went down by $462.55 million, and transport equipment by $290.10 million.

China was also the country’s biggest source of imports at $2.26 billion or 23.9 percent of the total in April.

The country’s total external trade in goods amounted to $14.34 billion in April, 18.6 percent lower than the $17.60 billion in the same month last year.

From January to April , the country’s trade deficit reached $19.28 billion, wider than the $18.40 billion in the same period in 2022.

Exports in the January to April period dipped by 14.9 percent to $21.77 billion from $25.57 billion in the same period a year ago.

Imports, on the other hand, went down by 6.7 percent to $41.05 billion from January to April compared to last year’s $43.98 billion.