The Philippines’ trade deficit widened to USD 4.93 bln, compared to USD 4.59 bln in the previous year, with exports falling by 9.1% due to subdued global demand and ongoing international challenges, marking the fourth consecutive month of decline, while imports decreased by a lesser 2.7% amid persistent cost pressures and declining commodity prices. The trade deficit in Q1 2023 stood at USD 14.58 bln, compared to USD 13.08 bln in the same period last year.