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The country’s trade deficit recorded a 28.8% decline in November 2025 as exports continued to improve while imports dropped, according to preliminary data from the Philippine Statistics Authority
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Total external trade in goods recorded its 11th straight month of growth in November, posting a 6.1% increase to $17.33 billion
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Imports declined 2% to $10.42 billion while exports grew 21.3% to $6.91 billion
The country’s trade deficit recorded its biggest decline this year in November 2025 as exports continued to improve while imports dropped, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in goods in November amounted to US$3.51 billion, indicating a trade deficit with an annual decline of 28.8%, higher than the 27.9% posted in October 2025 and in contrast to the 3.5% increase in November 2024.
The country’s total external trade in goods, meanwhile, recorded its 11th straight month of growth in November, posting a 6.1% increase to $17.33 billion from $16.33 billion in November last year.
Imports, which accounted for 60.1% of the total trade, declined 2% to $10.42 billion in November from $10.63 billion in November last year.
Still, imports increased 4.1% year-on-year to $122.59 billion in the 11-month period.
Exports continued to record double-digit growth in November, hitting a 21.3% increment to $6.91 billion from $5.70 billion in November last year.
From January to November 2025, exports likewise improved 14.5% year-on-year to $77.39 billion.
Top import commodities in terms of value in November included electronic products, which remained the country’s top commodity; mineral fuels, lubricants and related materials; transport equipment, other food and live animals, and industrial machinery and equipment.
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share, followed by capital goods, consumer goods, mineral fuels, lubricants and related materials; and special transactions.
Electronic products also remained the country’s top export commodity, followed by other manufactured goods, machinery and transport equipment, coconut oil, and ignition wiring set and other wiring sets used in vehicles, aircraft, and ships.
Export of manufactured goods, meanwhile, still had the largest share in terms of major type of goods. Other top exports include total agro-based products, mineral products, special transactions, petroleum products, and forest products.
By major trading partner, exports to Hong Kong comprised the highest value amounting to $ 1.17 billion or a share of 16.9% to the total in November. It was followed by the U.S. ($1.16 billion), Japan ($872.12 million), China ($698.37 million), and the Netherlands ($338.18 million).
In terms of imports, China remained the country’s top import source with a share of 27.8% or $2.90 billion of the total in November.
The other top import trading partners in November were South Korea ($978.91 million), Japan ($806.17 million), Indonesia ($805.07 million), and the U.S. ($609.62 million).
READ: PH trade deficit narrows to 34.2% in Oct 2025 as export grows
