The Philippines’ trade deficit narrowed in January, driven by continued growth in exports and a decline in imports, data released by the Philippine Statistics Authority (PSA) showed.
Trade figures published Friday indicated that the balance of trade in goods — the difference between the value of exports and imports — fell by 17.8 percent to $4.04 billion in January, from $4.92 billion in the same month in 2025.
Total export receipts rose 7.9 percent year on year to $7.09 billion, up from $6.57 billion in January 2025, largely due to increased shipments of electronic products, gold, and machinery and transport equipment.
Data from the PSA showed that electronic products remained the country’s top export in January, generating $4.01 billion in revenue, equivalent to 56.5 percent of total outbound shipments during the month.
By major trading partner, the United States accounted for the largest share of Philippine exports, with outbound shipments valued at $1.16 billion.
Other key export markets included Hong Kong, Japan, the People’s Republic of China, and South Korea.
Meanwhile, the total value of imports declined 3.1 percent year on year to $11.14 billion in January, compared with $11.50 billion in the same month last year.
The PSA said imports of mineral fuels, lubricants and related materials, metalliferous ores and metal scrap, as well as iron and steel, posted the steepest declines during the period.
China remained the Philippines’ largest source of imports, with inbound shipments valued at $3.2 billion, accounting for 29.2 percent of total imports in January.
Other leading sources of imports were South Korea, Japan, Indonesia, and the United States.
PNA PHOTO