MANILA, Philippines — The Philippine Statistics Authority (PSA) reported on Friday that the Philippines recorded a $3.51-billion trade deficit in November 2025 as exports rose and imports declined compared to a year earlier, narrowing the gap by 28.8 percent from $4.93 billion in November 2024 and by 16.2 percent from $4.19 billion in October 2025.
The PSA said total exports in November reached $6.91 billion, which increased by 21.3 percent from $5.7 billion in the same month last year but decreased from $7.45 billion posted in October 2025.
The agency reported that imports in November fell by 2.0 percent to $10.423 billion from $10.63 billion a year ago and also declined from $11.64 billion recorded in October 2025.
The PSA said external trade, which combines exports and imports, amounted to $17.33 billion in November, up 6.1 percent from $16.33 billion in November last year but down from $19.09 billion in October 2025.
The statistics office reported that from January to November 2025, the country’s total merchandise trade reached $199.99 billion, which rose from $185.37 billion in the same period in 2024.
The data showed that year-to-date exports for the 11-month period stood at $77.39 billion, higher than $67.6 billion recorded in January to November last year.
The PSA reported that imports from January to November 2025 reached $122.59 billion, which increased from $117.59 billion in the comparable period a year earlier.
The agency said the cumulative trade balance from January to November 2025 remained in deficit at $45.2 billion but improved from the $50.18-billion shortfall recorded in the same period in 2024.
The PSA reported that electronics products remained the country’s leading export in November with a value of $4.19 billion, accounting for 60.7 percent of total outbound shipments.
The data showed that electronics products also remained the top import in November, with inbound shipments valued at $2.87 billion and comprising 27.6 percent of total imports.
The statistics office said Hong Kong emerged as the largest market for Philippine exports in November, purchasing $1.17 billion worth of goods and accounting for 16.9 percent of the country’s total exports.
The PSA reported that China remained the Philippines’ largest source of imports in November, supplying $2.9 billion worth of goods and representing 27.8 percent of the country’s total imports.