The country’ trade deficit widened in March as exports contraction moved at a much faster pace than imports bringing the first quarter gap to $14.57 billion, data from the Philippine Statistics Authority (PSA) showed Tuesday, May 9. The trade gap, or the difference between the value of export and import, reached $4.928 billion in March this year, up 7.5 percent compared with $4.585 billion in the same month last year. The March trade balance brought the country’s three-month deficit to $14.576 billion, higher by 11 percent compared with $13.082 billion in the same period in 2022. Export sales reached $6.528 billion, a decrease of 9.1 percent from $7.183 billion in the previous year. The highest decline were registered in electronic products, falling $479.41 million, followed   by  coconut  oil,  which  decreased  by $51.82 million, as well as travel goods and handbags  by $34.69 million. At end-March, export earnings dropped 13 percent to $16.86 billion from $19.43 billion in the same period last year. By trading partner, exports to People’s Republic of China comprised the highest export value amounting to $1.42 billion or 21.8 percent of the total, followed by Japan with $980.34 million, and United States of America with $877.89 million. The Philippines also earned $550.85 million from Hong Kong and $371.72 million from Singapore. Meanwhile, import receipts were valued at $11.455 billion in March, down 2.7 percent from $11.768 billion a year ago. The steepest declines were seen in mineral fuels, lubricants and related materials at $519.28 million, followed by electronic products, which fell $415.29 million and medical and pharmaceutical products at $221.01 million. Total import value from January to March amounted to $31.44 billion, down three percent from $32.51 billion in the same period last year. People’s Republic of China remained the country’s biggest supplier of imported goods valued at $2.57 billion. Completing the top five major import trading partners were Indonesia, $1.09 billion; Japan, $958.96 million; Republic of Korea, $780.55 million; and Thailand, $770.95 million.