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The Philippines' trade deficit narrowed to USD 3.52 billion in December 2025 from USD 4.15 billion in the same month last year. This was the smallest trade gap since February, as exports rose much faster than imports. Exports surged by 23.3 year-on-year to USD 6.99 billion, led by higher sales of electronic products (43.6%), which remained the country’s top export commodity, accounting for 57.8% of total exports. The US has the largest export share (15.7%), despite a 19% tariff imposed in August. Other major destinations were Hong Kong (15.1%), Japan (14%), and China (11.3%). Meanwhile, imports increased by 7.1% to USD 10.52 billion, largely due to purchases of electronic products (25.8%) and mineral fuels, lubricants, and related materials (6.3%). China remained the largest supplier of imported goods (28.4%), followed by South Korea (9.8%), Indonesia (6.8%), and Japan (6.8%). In 2025, the country’s trade deficit narrowed to USD 49.17 billion from USD 54.33 billion in 2024.