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The Philippines' trade deficit narrowed to USD 3.51 billion in November 2025, from USD 4.94 billion in the same month the previous year, marking the smallest trade gap since February. Exports soared by 21.3% year-on-year to USD 6.91 billion, mainly driven by higher sales of electronic products (50.6%), which remained the top exports with total earnings of USD 4.19 billion, accounting for 60.7% of the country’s total exports. Hong Kong held the largest export share (16.9%), followed closely by the US (16.8%) and Japan (12.6%). Meanwhile, imports fell by 2% year-on-year to USD 10.42 billion, weighed down by lower purchases of mineral fuels, lubricants, and related materials (-18.9%). China remained the top import source (27.8%), followed by South Korea (9.4%) and Japan (7.7%). From January to November, the country's trade gap narrowed USD 45.2 billion, from USD 50.2 billion in the corresponding period a year earlier.