Philippines Trade Deficit Narrows in September

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.