Trade gap widens to P4.13B in March

THE country's trade deficit ballooned to $4.13 billion in March as imports growth markedly outpaced that of exports, data from the Philippine Statistics Authority (PSA) showed on Wednesday.

The 23.1-percent year-on-year rise came as inbound shipments grew by 11.9 percent to $10.72 billion while outbound merchandise expanded 5.9 percent to $6.59 billion.

Of the total trade in goods of $17.31 billion, which was up 9.6 percent from a year earlier, imports comprised 61.9 percent while the remaining 38.1 percent were exported goods, the PSA said.

March's export growth was higher than February's 4.8 percent while imports significantly picked up from 1.9 percent. Both also rebounded from 5.9-percent and 17.6-percent declines, respectively, a year earlier.

Year to date, exports were up 5.7 percent at P19.27 billion while imports grew 8.4 percent to $31.98 billion. The year-to-date trade gap subsequently widened to $12.71 billion for the first quarter from $11.26 billion in January-March 2024.

Electronic products remained the country's top export in March, accounting for $3.64 billion or 55.2 percent of the total. Following were other manufactured goods ($434.41 million or 6.6 percent) and other mineral products ($246.56 million, 3.7 percent).

Electronics were also the top import for the month, comprising 23.5 percent of the total at $2.52 billion. In second and third were mineral fuels, lubricants and related materials ($1.31 billion, 12.2 percent), and transport equipment ($1.06 billion, 9.9 percent).

The United States was the biggest purchaser of Philippine-made goods in March, buying up 16.8 percent or $1.11 billion of the total.

Rounding up the top five were Hong Kong ($1.01 billion, 15.3 percent), Japan ($960.5 million, 14.6 percent), China ($762.78 million, 11.6 percent) and Singapore ($273.74 million, 4.2 percent).

China, meanwhile, remained the country's biggest supplier with a 28.9-percent share, or $3.10 billion, of March imports. Indonesia ($888.27 million, 8.3 percent), Japan ($834.38 million, 7.8 percent), South Korea ($728.94 million, 6.8 percent) and Thailand ($627.65 million, 5.9 percent) followed.

By economic bloc, Asia-Pacific Economic Cooperation countries bought the bulk of Philippine exports and imports at 83.1 percent or $5.48 billion and 85.5 percent or $9.17 billion, respectively, for the month.

By geographic region, East Asia accounted for most of the country's exports and imports at $3.26 billion (49.4 percent) and $5.19 billion (48.4 percent), respectively.