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The Philippines’ trade deficit contracted by 30.4% in May 2025 as exports saw double-digit growth while imports continued to drop
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Total external trade in goods grew for the second consecutive month in May by 2.7% to $17.87 billion
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Imports dropped 4.4% to $10.58 billion while exports rose 15.1% to $7.29 billion
The Philippines’ trade deficit contracted by 30.4% in May 2025 as exports saw double-digit growth while imports continued to drop, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in goods amounted to $3.29 billion in May, with the latest trade deficit higher than April’s 15.9% decline and in contrast to the 7.4% increase in May 2024.
Total external trade in goods grew for the second consecutive month in May by 2.7% to $17.87 billion from $17.40 billion in the same month last year.
Imports, which accounted for 59.2% of the total in May, dropped 4.4% to $10.58 billion from $11.06 billion in May 2024.
From January to May 2025, though, imports rose 4.4% year-on-year to $53.87 billion.
Exports grew for the second straight month in May to $7.29 billion, up 15.1% from $6.33 billion in the same month last year.
For January to May, exports improved 10.8% year-on-year to $34.20 billion.
Among the commodity groups, electronic products continued to be the country’s top export and import product. Exports of electronic products accounted for $3.85 billion or 52.8% of the total export bill, while imports of the commodity shared $2.35 billion or 22.2% of the total import bill.
Other top export commodities are other manufactured goods with $583.06 million, and other mineral products with $308.16 million. Other top import commodities were mineral fuels, lubricants and related materials at $1.17 billion, and transport equipment at $1.05 billion.
By major type of goods, exports of manufactured goods contributed the largest to the country’s total exports in May 2025, amounting to $5.75 billion or a share of 79%. This was followed by mineral products with a share of $691.32 million, and total agro-based products with $606.32 million.
For imports, imports of raw materials and intermediate goods accounted for the largest share with $3.97 billion or 37.5% share. Capital goods followed with a share of $2.96 billion, and consumer goods with $2.44 billion.
By major trading partner, exports to the US comprised the highest export value amounting to $1.115 billion or a share of 15.3 percent to the country’s total exports in May 2025.
China remained the country’s top import source, contributing $3.15 billion or a share of 29.7% in May 2025. It was followed by Indonesia, $904.27 million; Japan, $807.89 million; South Korea, $682.26 million; and the US with $647.34 million.
For exports, the US was the country’s top export destination, accounting for $1.115 billion or a share of 15.3%. Other top export destinations were Hong Kong, $1.109 billion; Japan, $1.04 billion; China, $744.00 million; and Singapore, $302.43 million.
