Manila: 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 USD3.49 billion from USD4.72 billion in the same month last year.

According to Philippines News Agency, the value of exports reached USD6.75 billion, up by 7 percent from the USD6.30 billion in April 2024. The PSA reported that electronic products continued to be the country's top exports during the month, with earnings amounting to USD3.41 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 USD1.03 billion. Other major trading partners include Hong Kong, Japan, China, and Canada.

The total value of imported goods, meanwhile, amounted to USD10.24 billion, down by 7.2 percent from the USD11.03 billion in April 2024. The PSA noted that the commodity group with the highest annual decline in the value of imported goods was mineral fuels, lubricants, and related materials, with USD586.04 million.

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