Exports grew faster than imports in the first half of 2025, but the country continued to incur a wide trade deficit that affects its balance of payments and foreign exchange rate.
The Philippine Statistics Authority (PSA) said Thursday the trade deficit reached $24.41 billion in the six-month period, although this was 2.6-percent lower than the previous year’s shortfall.
The deficit reflects the difference between the value of exports and imports, it said.
External merchandise trade in the Philippines climbed 9.2 percent to $106.99 billion in the first semester of 2025, led by positive growth in both exports and imports.
The PSA said of the total external trade, imported goods made up 61.4 percent of its total value, while exported goods accounted for the remaining 38.6 percent.
Imported goods amounted to $65.70 billion in the first semester, reflecting a 6.8-percent increase from the $61.50 billion recorded in the same period a year ago.
Electronic products recorded the highest import value at $14.60 billion among other commodity groups, while raw materials and intermediate goods accounted for the largest share by major type of goods at $23.80 billion.
Export sales rose 13.3 percent from to $41.29 billion in the first semester from $36.44 billion a year ago.
Like the country’s import data, electronic products also remained the top export by commodity group in the first semester, with total earnings of $21.69 billion, the PSA said.
Meanwhile, manufactured goods contributed the largest export value at $33.17 billion among major types of goods.
The United States contributed the highest export value in the country, while China was revealed as the largest supplier of imported goods.
Data from the Bangko Sentral ng Pilipinas showed that the BOP yielded a deficit of $5.6 billion in the first half of 2025.
