THE country’s trade deficit narrowed sharply in November 2025 as strong export growth outpaced a decline in imports, government data showed, offering some relief to the country’s external position.
Data from the Philippine Statistics Authority (PSA) shower that balance of trade in goods posted a deficit of $3.51 billion in November, down 28.8 percent from a year earlier. This followed a 27.9 percent annual contraction in the deficit in October, reversing the widening recorded in November 2024.
Total external trade in goods rose 6.1 percent year on year to $17.33 billion in November, from $16.33 billion a year earlier. Imports accounted for 60.1 percent of total trade, while exports made up the remaining 39.9 percent.
Exports surged 21.3 percent to $6.91 billion, driven largely by electronic products, which posted the biggest annual increase at $1.41 billion. Machinery and transport equipment and gold also recorded gains.
Electronic products remained the country’s top export, generating $4.19 billion, or 60.7 percent of total export earnings. Manufactured goods accounted for more than four-fifths of exports, underscoring the sector’s continued dominance.
Hong Kong emerged as the Philippines’ largest export market in November, followed closely by the United States and Japan. By economic bloc, more than 80 percent of exports went to Asia-Pacific Economic Cooperation economies.
Imports, meanwhile, slipped two percent year on year to $10.42 billion, weighed down by lower purchases of metalliferous ores, mineral fuels and cereals. Electronic products remained the country’s largest import item, accounting for 27.6 percent of total imports.
China was the Philippines’ biggest source of imports during the month, followed by South Korea and Japan. More than 84.1 percent of total imports came from Asia-Pacific Economic Cooperation member economies.
For the January-to-November period, exports rose 14.5 percent to $77.39 billion, while imports increased 4.1 percent to $122.59 billion, data showed. / KOC