The country’s trade deficit narrowed in March this year as both exports and imports contracted, data from the Philippine Statistics Authority showed.
The gap in the trade balance, which is the difference between the value of export and import, reached $3.18 billion in March, down by 36.6 percent from $5.01 billion in the same month last year.
Exports declined by 7.3 percent to $6.13 billion from $6.61 billion a year ago, while imports reached $9.31 billion, also lower by 20 percent compared with $11.63 billion last year.
During the month, other mineral products posted the highest decline in the value of exports by $195.08 million to $191.05 million. This was followed by other manufactured products by $66.48 million to $294.13 million.
Cathodes and sections of cathodes and refined copper also decreased by $56.05 million to $150.89 million, while ignition wiring set by $52.87 million to $189.75 million as well as metal components by $37.03 million to $66.30 million.
By major trading partner, exports to the United States of America comprised the highest export value amounting to $961.94 million, followed by Hong Kong, $880.88 million; the People’s Republic of China, $837.51 million; Japan, $790.02 million; and the Republic of Korea, $391.59 million.
From January to March, total export earnings amounted to $17.98 billion, higher by 4.8 percent compared with $17.16 billion in the same period last year.
Meanwhile, a substantial drop in imports was recorded in the electronic products which declined by $350.61 million to $2.01 billion; mineral fuels, lubricants and related materials by $325.56 million to $1.46 billion; metalliferous ores and metal scrap by $287.48 million to $98.12 million.
Moreover, industrial machinery and equipment decreased by $190.38 million to $407.54 million while iron and steel was down by $184.16 million to $335.86 million.
People’s Republic of China was the country’s biggest supplier of imported goods valued at $2.27 billion, followed by Japan, $794.02 million; USA, $705.85 million; The Republic of Korea, $698.79 million; and Indonesia, $665.49 million.
In the first three months of the year, the total import value reached $29.22 billion, a decline of 7.6 percent compared with $31.61 billion last year in the same period.