Philippines Balance Commerciale

The Philippines’ trade deficit widened to USD 4.1 billion in March 2025 from 3.4 billion in the same month last year, as imports increased more than exports. Imports climbed 11.9% year-on-year to USD 10.7 billion, fueled by higher purchases of industrial machinery and equipment (32.9%), iron and steel (30.1%), and other food and live animals (28.4%). China remained the top import source, accounting for 28.9% of total imports, followed by Indonesia (8.3%), Japan (7.8%), South Korea (6.8%), and Thailand (5.0%). Meanwhile, exports rose at a softer 5.9% to USD 6.6 billion, driven by increased sales of coconut oil (85.5%), other manufactured goods (45.4%), and other mineral products (24.6%). The US was the largest export destination (16.8%), followed by Hong Kong (15.3%), Japan (14.6%), China (11.6%), and Singapore (4.2%). Considering the January to March period, the trade deficit expanded to USD 12.7 billion, compared to USD 11.3 billion in the corresponding period of the previous year.