THE country’s trade deficit narrowed in January from a year earlier as imports fell and exports rose, data from the Philippine Statistics Authority (PSA) showed on Friday.
The $4.05-billion shortfall — lower compared to $4.93 billion a year ago but up from December’s $3.99 billion — came as imports dropped 3.1 percent to $11.14 billion and exports grew 7.9 percent to $7.09 billion.
The deficit was higher compared to December’s $3.99 billion.
Imports reversed from growth of 12.2 percent in December and 11.2 percent in January 2025. Exports, meanwhile, slowed from December’s 23.9-percent surge and the year-earlier 9.6 percent.
Total trade in goods hit $18.23 billion in January, up 0.9 percent from $18.07 billion a year earlier and higher compared to December’s $18.04 billion.
Imports comprised 61.1 percent of the total, the PSA said, while 38.9 percent were exports.
Electronics remained the country’s top export, accounting for $4.01 billion or 56.5 percent of total outbound shipments. Gold ($488.84 million, 6.9 percent of the total) and machinery and transport equipment ($383.18 million, 5.4 percent) followed.
The United States was the biggest buyer of Philippine-made products, with a share of $1.16 billion or 16.4 percent of the total.
Rounding out the top five were Hong Kong ($1.12 billion or 15.9 percent), Japan ($871.73 million or 12.3 percent), China ($691.80 million or 9.8 percent) and South Korea ($391.75 million or 5.5 percent).
Electronic products were also the country’s top import at $2.99 billion or 26.8 percent of all inbound shipments. Mineral fuels, lubricants and related materials ($1.21 billion or 10.9 percent) and transport equipment ($877.92 million or 7.9 percent) followed.
China was the country’s largest supplier, having sold $3.26 billion for a 29.2 percent share of total imports.
The rest of the top five were South Korea ($1.25 billion, 11.2 percent), Japan ($928.05 million, 8.3 percent), Indonesia ($790.47 million, 7.1 percent), and the USA ($653.25 million, 5.9 percent).