Trade deficit declines in April

MANILA – The country's trade deficit declined by 1.5 percent in April this year, the Philippine Statistics Authority (PSA) said.

Data released by the PSA on Tuesday showed the balance of trade in goods or the difference between the value of exports and imports posted a deficit of USD4.7 billion from USD4.8 billion in April 2023.

Total export sales went up by 26.4 percent to USD6.22 billion from USD4.92 billion in the same month last year.

PSA data showed electronic products continued to be the country's top exports with total value amounting to USD3.5 billion, up by USD891 million from the USD2.6 billion exports in April 2023.

Electronic products accounted for about 57.4 percent of the country's total exports during the month.

This was followed by other manufactured goods with an export value of USD331.30 million, and other mineral products with USD287.65 million.

By major trading partner, exports to Hong Kong comprised the highest export value amounting to USD1.03 billion, accounting for about 16.5 percent of the country’s total exports.

Other major export trading partners include the United States of America, Japan, the People's Republic of China, and Korea.

The total value of imported goods, meanwhile, reached USD10.98 billion, higher by 12.6 percent than the USD9.75 billion last year.

Electronic products recorded the highest import value at USD2.32 billion, followed by mineral fuels lubricants and related materials, and transport equipment.

"People’s Republic of China was the country’s largest supplier of imported goods valued at USD3.15 billion or 28.7 percent of the country’s total imports in April 2024," said the PSA.

Other biggest sources of imports include Indonesia, Japan, Korea, and the United States. (PNA)