Trade gap lowest in nearly 3 years

The country posted its lowest trade gap in nearly three years in March as both exports and imports declined, according to the Philippine Statistics Authority (PSA).

- LOUELLA DESIDERIO

Based on PSA data, the balance of trade in goods or the difference between exports and imports amounted to a deficit of $3.18 billion in March, 37 percent lower than the $5.02 billion trade shortfall in the same period in 2023.

National Statistician Dennis Mapa said this was the lowest trade deficit since May 2021 when the country had a trade shortfall of $3.179 billion.

The March trade deficit was also lower than the previous month's $3.66 billion shortfall.

The value of the country's merchandise exports declined by 7.3 percent to $6.13 billion in March from $6.61 billion in the same month last year.