Philippine trade deficit narrowed in March as imports contracted at a faster rate than exports, data released by the Philippine Statistics Authority on Wednesday showed.
Philippine trade deficit narrowed in March as imports contracted at a faster rate than exports, data released by the Philippine Statistics Authority on Wednesday showed.The balance of trade in goods — the difference between the value of exports and imports — was recorded at -$3.18 billion, indicating a trade deficit that was 36.6% lower than the $5.018-billion deficit a year ago, and the $3.662-billion deficit in February.
64 million or 15.7%. Hong Kong followed with $880.88 million, China with $837.51 million, Japan with $790.02 million, and South Korea with $391.59 million.Imports, meanwhile, contracted by 20.0% to $9.310 billion from $11.631 billion the same month in 2023. This is also lower than the $9.569 billion in February.The steepest declines were seen in electronic products down by $350.61 million, mineral fuels and lubricants by $323.56 million, metalliferous ores by $287.
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