PH trade gap swells to near 4-year high

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MANILA, Philippines – The country’s trade deficit ballooned in April to its widest level in nearly four years as imports grew more than twice as fast as exports amid elevated global oil prices triggered by the war in the Middle East.

Preliminary data from the Philippine Statistics Authority showed the trade deficit widened 49.8 percent to $5.97 billion in April. This was the largest gap since August 2022’s $5.99 billion, when the deficit expanded by 81.1 percent year-on-year.

READ: PH trade deficit worst in Asean

The surge came as imports jumped 22.4 percent to $13.17 billion. While this was the lowest import value recorded since February, the annual growth rate was the fastest since the 26.4-percent expansion logged also in August 2022.