FX.co ★ Philippine Imports Fall in April

Imports to the Philippines saw a 7.2% year-on-year decline, totaling USD 10.2 billion in April 2025. This shift followed a previously revised 17.8% increase in March, marking the first decrease in imports since December 2024. The downturn was primarily driven by reduced purchases of mineral fuels, lubricants, and related materials (-35.1%), along with iron and steel (-25.3%), and cereal and cereal preparations (-17.8%). Conversely, there was an uptick in imports of transport equipment (28.3%), metal products (22.5%), and telecommunications equipment and electrical machinery (14.8%). Among the Philippines' key trading partners, import decreases were notable from Singapore (-24.8%), Malaysia (-20.4%), the United States (-17.0%), and Indonesia (-15.4%), largely due to newly imposed tariffs. Meanwhile, imports from South Korea (16.2%) and Thailand (15.1%) saw a rise. Overall, for the first four months of the year, import levels were 5.6% higher compared to the same period in the previous year.