RTTNews - Philippines' trade deficit decreased to US$363 million in March from US$923 million last year, the National Statistics Office said Tuesday.
Exports dropped 30.8% year-on-year to US$2.9 billion, while imports fell 36.2% to US$3.3 billion.
In March, electronic products, which accounted for 34.2% of total import bill, declined 40.7% year-on-year to US$1.1 billion. Raw materials and intermediate goods, with a 41.3% share in the total imports, slipped 29.9% to US$1.3 billion. Meanwhile, imports from the U.S, representing the biggest source of imports for the Philippines, dropped 41.6% from last year to US$399 million in March.
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