Philippines Trade Gap Smallest in 9 Months

The Philippines' trade deficit narrowed to USD 3.52 billion in December 2025 from USD 4.15 billion in the same month last year. This was the smallest trade gap since February, as exports rose much faster than imports. Exports surged by 23.3 year-on-year to USD 6.99 billion, led by higher sales of electronic products (43.6%), which remained the country’s top export commodity, accounting for 57.8% of total exports. The US had the largest export share (15.7%), despite a 19% tariff imposed in August. Other major destinations were Hong Kong (15.1%), Japan (14%), and China (11.3%). Meanwhile, imports increased by 7.1% to USD 10.52 billion, largely due to purchases of electronic products (25.8%) and mineral fuels, lubricants, and related materials (6.3%). China remained the largest supplier of imported goods (28.4%), followed by South Korea (9.8%), Indonesia (6.8%), and Japan (6.8%). In 2025, the country’s trade deficit narrowed to USD 49.17 billion from USD 54.33 billion in 2024.

The Philippines' trade deficit narrowed to USD 3.51 billion in November 2025, from USD 4.94 billion in the same month the previous year, marking the smallest trade gap since February. Exports soared by 21.3% year-on-year to USD 6.91 billion, mainly driven by higher sales of electronic products (50.6%), which remained the top exports with total earnings of USD 4.19 billion, accounting for 60.7% of the country’s total exports. Hong Kong held the largest export share (16.9%), followed closely by the US (16.8%) and Japan (12.6%). Meanwhile, imports fell by 2% year-on-year to USD 10.42 billion, weighed down by lower purchases of mineral fuels, lubricants, and related materials (-18.9%). China remained the top import source (27.8%), followed by South Korea (9.4%) and Japan (7.7%). From January to November, the country's trade gap narrowed USD 45.2 billion, from USD 50.2 billion in the corresponding period a year earlier.

The Philippines’ trade deficit narrowed to USD 3.83 billion in October 2025, the lowest in five months, from USD 5.81 billion a year earlier. Exports jumped to a four-month high of 19.4% year-on-year to USD 7.39 billion, driven by higher sales of electronic products (+44.4%), mainly semiconductors (+58.6%). Shipments of machinery and transport equipment also surged (+102.7%). The US accounted for the largest export share (15.7%), despite a 19% tariff imposed in August. Other major destinations included Japan (14.1%), Hong Kong (13%), and China (11.7%). Meanwhile, imports declined 6.5% to USD 11.22 billion, due to lower purchases of mineral fuels and lubricants (-19.6%) and transport equipment (-27.5%). China remained the top import source (30.4%), followed by Japan (8.2%), Indonesia (7.1%), and South Korea (6.9%). From January to October, the trade gap fell to USD 41.32 billion from USD 45.25 billion in 2024.