FX.co ★ Philippine Imports Drop 6.5% in October

In October 2025, Philippine imports witnessed a 6.5% decline from the previous year, amounting to USD 11.2 billion. This decline countered an upwardly revised 5.1% increase from the preceding month, and represents the steepest fall since June 2024. The downturn was primarily influenced by significant reductions in the importation of transport equipment, which dropped by 27.5%, and mineral fuels, lubricants, and related products, which decreased by 19.6%. Additional declines were observed in the procurement of cereals, which plummeted by 41.8%, telecommunications equipment and electrical machinery, falling by 10.7%, and miscellaneous manufactured articles, which saw an 8.6% reduction. However, there was an increase in the importation of electronic products, which surged by 10.6%, iron and steel, rising by 26.1%, and metal products, which grew by 14.4%. The decline in imports was noted across nearly all major trading partners, with significant decreases from Vietnam at 27.7%, South Korea at 21.7%, Indonesia at 21.5%, Singapore at 16.6%, and the United States at 8.5%. Over the January to October period, overall imports rose by 4.3%, reaching USD 111.75 billion when compared to the same timeframe the previous year.