The Market Monitor Minding the Nation's Business
The Philippines’ total external trade in goods grew by 9.1 percent in January, reaching USD17.82 billion from USD16.32 billion in the same period last year, according to the Philippine Statistics Authority (PSA).
Latest data released on Friday showed that imports accounted for 64.3 percent of the total trade value, while exports made up 35.7 percent.
Export sales climbed by 6.3 percent to USD6.36 billion from USD5.98 billion in January 2023.
The PSA reported that electronics remained the country’s top export, generating total earnings of USD3.37 million, followed by other manufactured goods at USD471.07 million and coconut oil at USD249.05 million.
The United States remained the Philippines’ largest export market, followed by Japan, Hong Kong, China, and Singapore.
The total value of imports increased by 10.8 percent to USD11.45 billion, compared to USD10.34 billion in January last year.
“The commodity group with the highest import value in January 2025 was electronic products, which amounted to USD2.51 billion or a share of 21.9 percent to the country’s total imports,” said the PSA.
Other major import categories included mineral fuels, lubricants, related materials, and transport equipment.
China remained the Philippines’ largest source of imports, accounting for USD3.31 billion or 28.9 percent of total inbound trade. Other key import sources were Japan, Indonesia, South Korea, and the United States.
Meanwhile, the balance of trade in goods, or the difference between the value of exports and imports, reached USD5.09 billion, reflecting a 16.9 percent increase from the previous year.