THE country’s trade deficit narrowed sharply in October as exports posted double-digit growth while imports declined, the statistics agency said on Friday, Nov. 28, 2025.
The trade gap fell 34.2 percent to US$3.83 billion in October 2025 from a year earlier, reversing the 37.1 percent expansion recorded in October 2024. The deficit had already eased by 8.5 percent in September.
Total external trade rose 2.3 percent to $18.61 billion, with imports accounting for 60.3 percent of the total.
Exports jumped 19.4 percent to $7.39 billion, rebounding from a five percent contraction a year earlier. Electronics drove the surge with an additional $1.29 billion, followed by machinery and transport equipment (up $215.9 million) and gold (up $88.6 million).
From January to October, exports climbed 13.8 percent to $70.43 billion.
Electronics remained the country’s top export, generating $4.18 billion or 56.6 percent of October shipments. Manufactured goods made up the bulk of total exports at $6.02 billion (81.5 percent), followed by agro-based products and mineral output.
The United States was the top export market with $1.16 billion (15.7 percent share), ahead of Japan, Hong Kong, China and Germany. Apec economies absorbed 82 percent of total exports, with East Asia accounting for the largest share by region.
Imports, meanwhile, fell 6.5 percent to $11.22 billion after rising in the previous two months. The steepest drops came from transport equipment (down $344.7 million), mineral fuels (down $330.6 million) and cereals (down $248.8 million).
Despite the October decline, year-to-date imports grew 4.3 percent to $111.75 billion.
Electronics also topped imports at $2.97 billion (26.5 percent), followed by mineral fuels and transport equipment. Raw materials and intermediate goods comprised the largest share among import categories at $4.18 billion (37.3 percent).
China remained the Philippines’ biggest source of imports at $3.41 billion, equal to 30.4 percent of the total. It was followed by Japan, Indonesia, South Korea and Thailand. Apec and RCEP trading partners accounted for most inbound shipments, with East Asia contributing more than half.
The October figures reflect strengthening export demand and softer import requirements, helping ease the country’s trade imbalance ahead of the year-end period. / KOC