Philippines Balance Commerciale

The Philippines’ trade deficit narrowed to USD 4.35 billion in September 2025 from USD 5.10 billion in the same month last year. Exports jumped 15.9% year-on-year to USD 7.25 billion, driven by higher sales of electronic products (+27.9%), other mineral products (+24.8%), and machinery and transport equipment (+60.6%). The US accounted for the largest share of exports (15.3%), despite the 19% tariff that took effect in early August. Other major export destinations included Hong Kong (15.1%), China (13.2%), and Japan (12.2%). Meanwhile, imports grew at a slower 2.1% to USD 11.60 billion, mainly due to higher purchases of electronic products (+26.4%). China remained the top import source, accounting for 28.4% of total inbound shipments, followed by South Korea (9.1%), Japan (8.1%), and Indonesia (7.1%). Considering the first three quarters of the year, the trade gap fell to USD 37.18 billion from USD 39.43 billion in 2024.