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The Philippines’ trade deficit shrank 11.4% in February as imports declined while exports continued to grow
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Total external trade in goods amounted to $15.66 billion in February, up 0.4%
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Imports declined 1.8% to $9.41 billion while exports grew for the second straight month by 3.9% to $6.25 billion
The Philippines’ trade deficit shrank 11.4% in February as imports declined while exports continued to grow, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in goods in February was at $3.16 billion, resulting in a trade deficit with an annual decline of 11.4%.
Total external trade in goods amounted to $15.66 billion in February, up 0.4% from $15.59 billion in February 2024.
Imports accounted for 60.1% of the total with $9.41 billion, a 1.8% decline from $9.58 billion in February 2024 and in contrast to the 11% growth in January 2025.
Exports, on the other hand, grew for the second straight month in February to $6.25 billion, a 3.9% increase from $6.02 billion in February 2024.
The top import commodities for February include electronic products ($2.11 billion); mineral fuels, lubricants and related materials ($1.33 billion); and transport equipment ($914.70 million); industrial machinery and equipment ($450.72 million); and cereals and cereal preparations ($391.13 million).
Electronic products also continued to have the largest share in terms of exports with $3.52 billion or 56.3% of the total. It was followed by other manufactured goods ($412.60 million); machinery and transport equipment ($254.62 million); coconut oil ($251.12 million); and other mineral products ($238.99 million).
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share in February with $3.56 billion or 37.8% of the total. This was followed by capital goods with $2.61 billion (27.7%), and consumer goods with $1.89 billion (20.1%).
For exports, manufactured goods contributed the largest with $5.18 billion or an 82.8% share. Agro-based products followed with $560.99 million (9%), and mineral products with $331.78 million (5.3%).
China, the country’s largest supplier of imported goods, accounted for $2.46 billion or 26.1% of the total import bill in February 2025.
Other top import sources include Japan, $841.87 million; Indonesia, $803.17 million; South Korea, $671.99 million; and the US, $647.25 million.
The US is also still the top export destination with a share of $986.84 million or 15.8% of the total export bill.
It was followed by Japan, $984.76 million; Hong Kong, $873.64 million; China, $646.59 million; and the Netherlands, $347.70 million.
By geographic region, East Asia, Southeast Asia, and Northern America were still the country’s top trading partners.
