Trade gap balloons to $4.13 billion in March

The Philippines' trade-in-goods deficit widened to a two-month high in March as both exports and imports picked up, the Philippine Statistics Authority (PSA) reported on Wednesday.

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Preliminary data from the PSA showed the country's trade balance in goods stood at a $4.13-billion deficit in March, 23% higher than the $3.35-billion gap a year ago.

Month on month, the gap was 19.4% bigger than the $3.46-billion deficit in February.

March marked the widest trade deficit in two months or since the $5.12-billion deficit in January.

The country's balance of trade in goods has been in a deficit for 118 straight months since the $64.95-million surplus recorded in May 2015.

In March, merchandise exports jumped by an annual 5.9% to $6.59 billion, marking the third straight month of growth.

It was also a turnaround from the 5.9% contraction in the same month last year.

By value, this was the highest export level since the $6.75 billion in August 2024.

Meanwhile, imports climbed by 11.9% year on year to $10.72 billion in March, the fastest pace in 11 months since the 13.2% logged in April 2024.

The value of imports was also the biggest since $11.49 billion in January.

In the first quarter, the trade deficit stood at $12.71 billion, widening by 12.8% from the $11.26-billion gap a year ago.

Exports expanded by 5.9% to $19.27 billion in the first three months of 2025, while imports rose by 8.4% to $31.98 billion.

The Development Budget Coordination Committee (DBCC) projects 6% and 5% growth in exports and imports, respectively, this year.

SEMICONDUCTOR SLUMP

Exports of manufactured goods, which made up 80.7% of the country's total exports, grew by an annual 5.2% to $5.32 billion in March. Exports of agro-based products jumped by 27% to $586.86 million.