THE country’s trade deficit narrowed in August amid record exports and imports, preliminary Philippine Statistics Authority (PSA) data showed on Wednesday.
The $3.85-billion shortfall was 3.5 percent lower than the $3.99 billion seen a year earlier and also markedly down from the $6.35 billion recorded in July.It was the lowest since May 2025’s $3.64 billion, the PSA said in a statement.Exports amounted to $9.11 billion in August, up 27.7 percent year on year, while imports grew by 16.6 percent to $12.96 billion.This brought total external trade for the month to $22.07 billion, 21.0 percent compared to August last year.Year to date, the trade shortfall rose to $41.56 billion on exports of $64.04 billion (up 14.8 percent year on year) and imports of $105.60 billion (19.1 percent higher).Both were the highest recorded year-to-date values since the series began in 1991, the PSA said.Electronic products remained the country’s top export by value at $6.2 billion, accounting for 68.1 percent of total exports. This was followed by other mineral products ($393.54 billion, 4.3 percent) and gold ($321.27 million 3.5 percent).The United States was the top biggest buyer of Philippine-made goods, taking up a 23.8-percent share worth $2.17 billion.Rounding out the top five were Hong Kong ($1.57 billion, 17.3 percent), China ($1.05 billion, 11.5 percent), Japan ($704.5 million, 7.7 percent) and Taiwan ($516.01 million, 5.7 percent).Electronic products were also the country’s top import at $4.51 billion, or 34.8 percent of the total. Following were mineral fuels, lubricants and related materials ($1.85 billion, 14.3 percent) and transport equipment ($906.05 million, 7.0 percent).The People’s Republic of China was the country’s top supplier ($2.94 billion, 22.7 percent) with South Korea ($2.73 billion, 21.1 percent), Japan ($939.85 million, 7.3 percent), Indonesia ($893.22 million, 6.9 percent) and the United States ($717.56 million, 5.5 percent) following.
