MANILA — The Philippines’ total external trade in goods grew by 15.3 percent to USD20.85 billion in March, up from USD18.07 billion in the same period last year, based on preliminary data released by the Philippine Statistics Authority on Thursday.

The PSA said the March figure marked the highest level of total external trade recorded since 1991.

Imports accounted for 60.8 percent of the total trade, while exports made up the remaining 39.2 percent.

The country’s trade deficit, or the difference between exports and imports, stood at USD4.50 billion, slightly narrowing from USD4.51 billion recorded a year earlier.

Exports rose by 20.4 percent to USD8.17 billion, continuing their upward trend during the month.

Electronic products remained the top export, generating USD4.82 billion or nearly 60 percent of total outbound shipments. Machinery and transport equipment followed with USD407.22 million, while other manufactured goods contributed USD402.73 million.

The country’s major export markets included the United States, Hong Kong, Japan, China, and Taiwan.

Meanwhile, imports also increased by 12.3 percent to USD12.68 billion.

Raw materials and intermediate goods accounted for the largest share of imports at USD4.60 billion, followed by capital goods and consumer goods.

China remained the country’s top source of imports, amounting to USD3.50 billion or 27.6 percent of the total in March. Other major suppliers included South Korea, Japan, Indonesia, and the United States.