Exports down, imports flat in March – PSA

The Philippines’ trade deficit once again widened in March as exports slumped while imports barely grew, the government reported this morning.
Preliminary data from the Philippine Statistics Authority (PSA) showed that export receipts dropped by 8.2% annually in March to $5.510 billion compared to the revised $4.871 billion in February and $6.003 billion in March 2017.
This marked the third consecutive month of export decline and was the lowest since the 10.9% decline in July 2016.
On a cumulative basis, exports in the first quarter declined by 6% to $15.754 billion from the $16.756 billion recorded in the first quarter of 2017.
Meanwhile, the country’s import bill posted a measly 0.1% growth to $8.118 billion in March from last year’s $8.107 billion. Year to date, imports rose by 6.8% to $24.415 billion from $22.859 billion a year ago.
Both export and import growth figures are below the government’s target expansion of 10% and 11%, respectively.
The March results brought the country’s balance of trade in goods to a $2.608 billion deficit, wider than the $2.104 billion in 2017’s comparable three months. — Mark T. Amoguis