● The Philippines’ trade deficit expanded by 23.1% year-on-year to $4.13 billion in March 2025 as imports grew faster than exports
● Total external trade in goods in March grew 9.6% to $17.31 billion
● Imports and exports grew for the third straight month by 11.9% to $10.72 billion and 5.7% to $19.27 billion, respectively
The Philippines’ trade deficit expanded by 23.1% year-on-year in March 2025 to $4.13 billion as imports grew faster than exports, according to preliminary data from the Philippine Statistics Authority.
The higher deficit is in contrast to the 3% decline seen in February 2025 and 33.2% drop in March 2024.
Total external trade in goods in March grew 9.6% to $17.31 billion from $15.80 billion in March 2024, faster than the 3% growth in February 2025 and a turnaround from the 13.4% decrease in March 2024.
Imports, which accounted for 61.9% of the total, grew for the third consecutive month in March by 11.9% to $10.72 billion from $9.58 billion in March 2024.
From January to March 2025, imports rose 8.4% year-on-year to $31.98 billion.
Exports likewise increased for the third straight month by 5.9% to $6.59 billion from $6.23 billion.
For the first three months of the year, exports reached $19.27 billion, 5.7% higher than the $18.23 billion in January to March 2024.
Electronic products remained the country’s top import commodity in March, accounting for $2.52 billion or a 23.5% share of the total. It was followed by mineral fuels, lubricants and related materials at $1.31 billion (12.2%), and transport equipment at $1.06 billion (9.9%).
Electronic products also continued to be the country’s top exports in March 2025 with $3.64 billion or 55.2% share to the total. Other manufactured goods followed with $434.41 million (6.6%), and other mineral products with $246.56 million (3.7%).
By major type of goods, exports of manufactured goods contributed the largest in March 2025, amounting to $5.32 billion or a share of 80.7%. This was followed by total agro-based products with $586.86 million (8.9%), and mineral products, which contributed $492.44 million (7.5%).
Imports of raw materials and intermediate goods, meanwhile, accounted for the largest share of imports in March with $3.92 billion or a 36.5% share. This was followed by capital goods with $3.16 billion (29.5%), and consumer goods with $2.30 billion (21.4%).
China was still the country’s top import supplier, accounting for $3.10 billion or 28.9% of the total in March. Other top importers in March were Indonesia, $888.27 million; Japan, $834.38 million; South Korea, $728.94 million; and Thailand, $627.65 million.
For exports, the US was the top trading partner with $1.11 billion or a share of 16.8% in March.
Other top export destinations were Hong Kong, $1.01 billion; Japan, $960.50 million; China, $762.78 million; and Singapore, $273.74 million.
