The Philippine Statistics Authority (PSA) reported on Friday, June 9, a contraction in the country's trade deficit for April, attributed to the slowdown in both exports and imports during the month. The trade gap, or the difference between the value of export and import, reached $4.531 billion in April this year, down 15 percent from $5.321 billion in the same month last year. Month-on-month, trade deficit also fell by 11 percent from $5.1 billion in March. The March trade balance brought the country’s four-month deficit to $19.28 billion, higher by five percent compared to $18.403 billion in the same period in 2022. Export sales reached $4.903 billion, a decrease of 20 percent from $6.141 billion in the previous year. In April, electronic products experienced the steepest yearly reduction in export value among all commodity groups, with a drop of $582.6 million. Other mineral products came in second with a decline of $190.19 million, followed by coconut oil with a decrease of $182.14 million. At end-April, export earnings dropped 15 percent to $21.767 billion from $25.572 billion in the same period last year. By trading partners, the People's Republic of China, remained the top buyer of Philippine exports, accounting for 15.8 percent of the total, or $772.47 million. Apart from China, the United States of America was the second-largest trading partner, with exports amounting to $713.65 million, accounting for 14.6 percent of the total. Japan followed closely behind with exports amounting to $642.23 million, representing 13.1 percent. Hong Kong was the fourth-largest trading partner, with exports of $604.62 million, accounting for 12.3 percent. Meanwhile, Singapore completed the top five major export trading partners, with exports amounting to $273.37 million, representing 5.6 percent of the total export value. On the other hand, import receipts were valued at $9.434 billion in April, down 18 percent from $11.462 billion a year ago. The value of imported goods saw significant decreases in several commodity groups. Mineral fuels, lubricants, and related materials experienced the largest drop in value, with a reduction of $927.86 million. Electronic products also saw a decline of $462.55 million, followed by transport equipment with a decrease of $290.1 million. Total import value from January to April amounted to $41.047 billion, down seven percent from $43.976 billion in the same period last year. China remains the largest supplier of imported goods to the country, accounting for 23.9 percent, or $2.26 billion. Indonesia was the second-largest import trading partner, amounting to $821.81 million, or 8.7 percent of the total. Japan followed closely behind with imports amounting to $800.58 million, representing 8.5 percent. Meanwhile, the Republic of Korea was the fourth-largest trading partner, with imports amounting to $732.79 million, accounting for 7.8 percent. The United States of America completed the top five major import trading partners, with imports amounting to $691.16 million, or 7.3 percent.