Trade Deficit Slows Down in April 2023

Philippine Statistics Authority (PSA) reported that the country’s trade deficit declined in April this year.

According to PSA’s preliminary report on June 9, 2023, the trade deficit has declined to 14.9%. The difference between the import and exports of goods recorded a deficit of USD4.53 billion, this is lower compared to USD5.3 billion in the month last year.

The total value of external trade in goods has declined according to PSA’s report.

“In April 2023, the country’s total external trade in goods amounted to USD 14.34 billion, which indicates an annual decline of -18.6 percent from its level of USD17.60 billion in the same period of the previous year,” PSA said.

Meanwhile, the country’s total export sales in April 2023 also dropped to USD4.90 billion.

“The country’s total export sales in April 2023 amounted to USD 4.90 billion from USD 6.14 billion in the same month of the previous year. This indicates a faster decrease at an annual rate of -20.2 percent from a decrement of -9.1 percent in the previous month,” PSA said.

Moreover, electronic products remained the highest exported commodity with a total earning of USD 2.67 billion or 54.4% of the country’s total exports in April 2023, followed by other manufactured goods valued at USD275.97 million and other mineral products valued at USD207.93 million. (ASC)