Philippines Balance Commerciale

The Philippines’ trade deficit narrowed to USD 3.2 billion in February 2025, down from USD 3.6 billion in the same month last year. Exports rose 3.9% year-on-year to USD 6.3 billion, driven by higher sales of coconut oil (+111.8%), gold (+37.5%), other manufactured products (+34.6%), and electronic products (+2.5%), particularly medical instrumentation (+95.2%). The US was the largest export destination, accounting for 15.8% of total shipments, followed by Japan (15.7%), Hong Kong (14%), and China (10.3%). Meanwhile, imports fell 1.8% to USD 9.4 billion, due to lower purchases of mineral fuels, lubricants, and related materials (-23.2%), iron and steel (-13.2%), and miscellaneous manufactured articles (-3.7%). China remained the top import source (26.1%), followed by Japan (8.9%), Indonesia (8.5%), and South Korea (7.1%). For the first two months of the year, the trade deficit widened to USD 8.3 billion, compared to USD 7.9 billion in the same period last year.