The country's trade deficit narrowed by over 26 percent in April this year as exports grew while imports declined.

Data released by the Philippine Statistics Authority (PSA) on Friday showed that the balance of trade in goods or the difference between the value of exports and imports, fell by 26.1 percent to $3.49 billion from $4.72 billion in the same month last year.

The value of exports reached $6.75 billion, up by 7 percent from the $6.30 billion in April 2024.

The PSA said electronic products continued to be the country's top exports during the month with earnings amounting to $3.41 billion, accounting for 50.5 percent of the total exports.

By major trading partner, exports to the United States comprised the highest export value amounting to $1.03 billion.

Other major trading partners include Hong Kong, Japan, China, and Canada.

The total value of imported goods meanwhile amounted to $10.24 billion, down by 7.2 percent from the $11.03 billion in April 2024.

The PSA said the commodity group with the highest annual decline in the value of imported goods was mineral fuels, lubricants and related materials with $586.04 million.

Major sources of imports during the month were China, South Korea, Japan, Indonesia, and Thailand. 

PNA PHOTO