The country’s trade deficit shrank by 14.9 percent in April , with both imports and exports recording double-digit declines from the previous year’s level, according to data released by the Philippine Statistics Authority (PSA).
The PSA reported that the balance of trade in goods, or the difference between the value of exports and imports in April 2023, posted a deficit of $4.53 billion.
In April last year, the trade deficit was $5.32 billion.
The total export sales in April last year amounted to $4.9 billion, down by 20.2 percent from the previous year.
Meanwhile, total imported goods amounted to $9.43 billion, 17.7 percent lower than the $11.46 billion recorded in the same period last year.
The country’s total external trade in goods amounted to $14.34 billion, reflecting an annual decline of 18.6 percent from the $17.6 billion posted a year ago.