The Philippines’ trade deficit widened to $5.1 billion in January 2025 from $4.4 billion a year earlier, as both imports and exports grew.
The Philippine Statistics Authority (PSA) said merchandise exports rose 6.3 percent in January, while imports of goods climbed 10.8 percent.
“The country’s total export sales in January 2025 amounted to $6.36 billion, indicating an annual increase of 6.3 percent from $5.98 billion total export sales in the same month of the previous year,” the PSA said.
Electronic products remained the country’s top export in January 2025, with earnings of $3.37 billion, or 53 percent of total exports.
The United States was the top export destination, with $1.13 billion, or 17.7 percent of total exports.
Rounding out the top five export trading partners were Japan, $945.80 million; Hong Kong, 11.4 percent; China, $645.57 million; and Singapore, $266.48 million.
Imports reached $11.45 billion in January, up 10.8 percent from $10.34 billion a year earlier.
The largest import category was electronic products, at $2.51 billion, or 21.9 percent of total imports. Mineral fuels, lubricants and related materials followed at $1.62 billion, and transport equipment at $906.22 million.
China was the country’s largest source of imports, at $3.31 billion, or 28.9 percent of total imports.