-
The Philippines’ trade deficit shrank 26.1% in April 2025 as imports dropped while exports grew during the period
-
Total external trade in goods was down 2% to $16.99 billion in April as imports fell 7.2% to $10.24 billion
-
Exports posted an increase for the fourth month in a row, expanding 7% to $6.75 billion
The Philippines’ trade deficit shrank 26.1% in April 2025 as imports dropped while exports grew during the period, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in April amounted to $3.49 billion, indicating a trade deficit with an annual decrement of 26.1%, in contrast to the 34.5% increase in March 2025 and faster than the 2.2% decline in April 2024.
Total external trade in goods reached $16.99 billion in April, down 2% from $17.34 billion for the same period last year.
This was the first recorded drop this year as imports, which accounted for 60% of the total, fell by 7.2% to $10.24 billion.
Still, from January to April 2025, imports posted a 5.6% year-on-year expansion to $42.78 billion.
Exports, meanwhile, posted an increase for the fourth month in a row, expanding 7% to $6.75 billion.
From January to April, exports rose 9.5% year-on-year to $26.87 billion.
Electronic products remained the country’s top import and export commodity for April.
Imports of electronic products accounted for 22.6% or $2.3 billion of the total import bill, followed by transport equipment at $1.20 billion (11.7%), and mineral fuels, lubricants and related materials at $1.08 billion (10.6%).
Other top imports include industrial machinery and equipment, other food and live animals, iron and steel, cereals and cereal preparations, miscellaneous manufactured articles, telecommunication equipment and electrical machinery, and metal products.
In terms of exports, electronic products shared $3.41 billion or 50.5% of the total, followed by other manufactured goods with $843.60 million (12.5%), and other mineral products with $291.61 million (4.3%).
Other top exports include coconut oil, machinery and transport equipment, ignition wiring set and other wiring sets used in vehicles, aircraft and ships; chemicals, gold, fresh bananas, and metal components.
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share with $3.67 billion (35.8%). This was followed by capital goods with $3.28 billion (32.0%), and consumer goods with $2.17 billion (21.2%).
For exports, manufactured goods contributed the largest in April with $5.46 billion or a share of 80.9%.
Total agro-based products followed with a share of $595.21 million (8.8%), and mineral products with $480.86 million (7.1%).
China was still the country’s top import source, accounting for $3.01 billion or 29.4% of the total in April. The other top four import sources were South Korea, $878.36 million; Japan, $854.85 million; Indonesia, $814.26 million; and Thailand, $604.64 million.
The US, on the other hand, was the top export destination, sharing $1.03 billion or 15.2% of the total in April. It was followed by Hong Kong, $918.74 million; Japan, $893.60 million; China, $697.63 million; and Canada, $478.50 million.
