THE country’s trade deficit widened in February from a year earlier as imports surged and exports slowed, preliminary Philippine Statistics Authority data showed on Friday.
At $3.68 billion, the shortfall was 23.1 percent higher than the yearago $2.99 billion but narrowed from January’s $4.27 billion.
Total trade in goods reached $18.34 billion with imports accounting for $11.01 billion and exports $7.33 billion, up 12.6 percent and 8.0 percent, respectively, from a year ago.
Exports growth slowed from 12.8 percent in February 2025 while imports ballooned by 12.6 percent from just 2.1 percent a year earlier.
Year-to-date, the trade deficit increased to $7.96 billion from $7.94 billion in January-February 2025.
For the two-month period, total merchandise trade rose to $36.90 billion, up from $34.67 billion in the same period last year, with imports totaling $22.43 billion and exports hitting $14.47 billion.
Trade Secretary Cristina Roque said the latest export figures affirmed the country’s strategy to diversify and deepen trade partnerships.
“We will build on this momentum by expanding market access through our FTAs (free trade agreements), strengthening value chains, and enhancing support for exporters to sustain growth throughout the year,” she said in a statement.
“The broad-based gains across electronics, minerals, and agro-based products show that Filipino products are recognized and utilized globally, reflecting the quality and reliability of our industries,” she added.
Electronic products remained the country’s top export in February, accounting for $4.23 billion or 57.7 percent of total outbound shipments.
Machinery and transport equipment ($415.2 million ,5.7 percent) and gold ($337.55 million, 4.6 percent), followed.
The United States was again the biggest buyer of Philippine-made goods, accounting for $1.41 billion or 19.3 percent of the total.
Rounding out the top five were Hong Kong ($1.17 billion, 16.0 percent), Japan ($986.44 million, 13.5 percent), China ($663.71 million, 9.1 percent) and the Netherlands ($328 million, 4.5 percent).
Electronics were also the country’s top import at $2.99 billion or 27.1 percent of all inbound shipments.
Mineral fuels, lubricants and related materials ($1.46 billion, 13.3 percent) and transport equipment ( $918.59 million, 8.3 percent) rounded out the top three.
China was the country’s largest supplier, having sold $3.12 billion worth of goods for a 28.4-percent share of total imports.
The rest of the top five were South Korea ($1.37 billion, 12.5 percent), Japan ($933.36 million, 8.5 percent), Indonesia ($772.49 million, 7 percent), and the US ($606.95 million, 5.5 percent).