The Philippine trade deficit widened further to USD4.13 billion in March, as export growth failed to keep pace with the double digit expansion in imports, the Philippine Statistics Authority said Wednesday.
The March trade gap was wider than the USD3.46 billion posted in February and the USD3.35 billion gap recorded in March 2024.
The country’s export sales in March reached USD6.59 billion, reflecting a 5.9 percent increase from the same month last year. Despite this growth, it was insufficient to offset the more substantial rise in imports. Exports showed a steady performance, with other manufactured goods, coconut oil, and other mineral products leading the charge in annual growth. Electronics products remained the top export, contributing USD3.64 billion, or 55 percent of total exports during the month.
However, imports surged significantly, totaling USD10.72 billion in March 2025, an 12 percent increase from the previous year’s figure of USD 9.58 billion. The growth in imports was primarily driven by electronic products, industrial machinery, and animal and vegetable oils and fats. Electronic products alone accounted for USD 2.52 billion, or 24 percent of total imports for the month.
The year-to-date export value from January to March amounted to USD19.27 billion, a 5.7 percent increase from the same period last year. On the other hand, total imports during the same period reached USD31.98 billion, reflecting an 8.4 percent year-on-year increase.
The widening trade gap highlights the ongoing challenges of balancing export growth with the rising demand for imported goods, particularly as the country faces heightened global uncertainties. Despite the positive growth in exports, the imbalance underscores the need for strategies that can further boost export performance while managing import pressures.
