In September 2025, the Philippines saw its trade deficit reduce to USD 4.35 billion, down from USD 5.10 billion in September of the previous year. This improvement was largely attributed to a 15.9% year-over-year increase in exports, which reached USD 7.25 billion. This surge was mainly propelled by significant rises in the exports of electronic products (up 27.9%), other mineral products (up 24.8%), and machinery and transport equipment (up 60.6%). The United States emerged as the leading export destination, receiving 15.3% of total exports despite a 19% tariff implemented in early August. Other significant markets included Hong Kong (15.1%), China (13.2%), and Japan (12.2%).
On the other hand, imports experienced a slower growth rate of 2.1%, reaching USD 11.60 billion. This increase was primarily driven by higher imports of electronic products, which surged by 26.4%. China maintained its position as the largest source of imports, comprising 28.4% of the total inbound shipments, followed by South Korea (9.1%), Japan (8.1%), and Indonesia (7.1%). Over the first three quarters of the year, the trade deficit contracted to USD 37.18 billion, down from USD 39.43 billion in 2024.
