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The Philippines’ trade deficit narrowed to USD 3.83 billion in October 2025, the lowest in five months, from USD 5.81 billion a year earlier. Exports jumped to a four-month high of 19.4% year-on-year to USD 7.39 billion, driven by higher sales of electronic products (+44.4%), mainly semiconductors (+58.6%). Shipments of machinery and transport equipment also surged (+102.7%). The US accounted for the largest export share (15.7%), despite a 19% tariff imposed in August. Other major destinations included Japan (14.1%), Hong Kong (13%), and China (11.7%). Meanwhile, imports declined 6.5% to USD 11.22 billion, due to lower purchases of mineral fuels and lubricants (-19.6%) and transport equipment (-27.5%). China remained the top import source (30.4%), followed by Japan (8.2%), Indonesia (7.1%), and South Korea (6.9%). From January to October, the trade gap fell to USD 41.32 billion from USD 45.25 billion in 2024.