THE country's trade deficit narrowed in April as both imports and exports contracted, the Philippine Statistics Authority (PSA) reported on Friday. At $4.53 billion, the merchandise trade gap shrank by 14.9 percent from $5.32 billion a year earlier. It was also 11.2 percent lower compared to March's $5.10 billion. Total trade in goods fell to $14.33 billion, from $18.16 billion and $17.60 billion a month and a year earlier, respectively, with imports totaling $9.43 billion and exports at $4.90 billion.

April exports were 20.2 percent lower compared to the year-earlier $6.14 billion while imports contracted by 17.7 percent from $11.46 billion.