International Merchandise Trade Statistics of the Philippines, March 2025 (Preliminary) | Philippine Statistics Authority

Release Date :

Wednesday, April 30, 2025

Reference Number :

2025-151

A. TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1. Total external trade increased by 9.6 percent

In March 2025, the country’s total external trade in goods amounted to USD 17.31 billion, which indicates an annual increment of 9.6 percent from the USD 15.80 billion total external trade in the same period of the previous year. In February 2025, the total external trade in goods recorded an annual increase of 3.0 percent, while an annual decrease of 13.4 percent was registered in March 2024. (Figure 1, and Tables A and 1)

Of the total external trade in March 2025, 61.9 percent were imported goods, while the remaining 38.1 percent were exported goods.

2. Trade deficit posted an annual increase

The balance of trade in goods (BoT-G) is the difference between the value of exports and imports. The BoT-G in March 2025 amounted to USD -4.13 billion, indicating a trade deficit with an annual increment of 23.1 percent. In February 2025 and March 2024, the trade deficit registered annual declines of 3.0 percent and 33.2 percent, respectively. (Figure 1, and Tables A and 4)

B. EXPORTS

1. Sales from exports posted positive growth

The country’s total export sales in March 2025 amounted to USD 6.59 billion, indicating an annual increment of 5.9 percent from the USD 6.23 billion total export sales in the same month of the previous year. In February 2025, the total export sales recorded an annual increase of 4.8 percent, while an annual decrease of 5.9 percent was registered in March 2024. (Figures 1 and 2, and Tables A and 3)

The commodity group with the highest annual increment in the value of exports in March 2025 was other manufactured goods with USD 123.02 million. This was followed by coconut oil with an annual increase of USD 105.93 million, and other mineral products with an annual increment of USD 54.21 million. (Tables B and 5)

2. Year-to-date annual total exports increased

The year-to-date annual total value of exports, that is from January to March 2025, amounted to USD 19.27 billion. This represents an annual increase of 5.7 percent from the year-to-date annual total export value of USD 18.23 billion in January to March 2024. (Tables 3 and 6)

3. Electronic products commodity group remained the highest in export sales

By commodity group, electronic products continued to be the country’s top exports in March 2025 with total earnings of USD 3.64 billion or 55.2 percent of the country’s total exports during the period. This was followed by other manufactured goods with an export value of USD 434.41 million (6.6%), and other mineral products with USD 246.56 million (3.7%). (Figure 3 and Table 5)

4. Manufactured goods still comprised the largest portion of total exports among major types of goods

By major type of goods, exports of manufactured goods contributed the largest to the country’s total exports in March 2025, amounting to USD 5.32 billion or a share of 80.7 percent. This was followed by total agro-based products with a share of USD 586.86 million (8.9%), and mineral products, which contributed USD 492.44 million (7.5%). (Figure 4 and Table 7)

5. United States of America (USA) contributed the highest to the total export value

By major trading partner, exports to the United States of America (USA) comprised the highest export value amounting to USD 1.11 billion or a share of 16.8 percent to the country’s total exports in March 2025.

Completing the top five major export trading partners for this month with their export values and percent shares to the total exports were:

a.    Hong Kong, USD 1.01 billion (15.3%);
b.    Japan, USD 960.50 million (14.6%);
c.    People’s Republic of China, USD 762.78 million (11.6%); and
d.    Singapore, USD 273.74 million (4.2%). (Figure 5 and Table 9)

6. Majority of exports were for Asia-Pacific Economic Cooperation (APEC) countries

By economic bloc, majority of the country’s merchandise exports in March 2025 went to APEC countries with a share of USD 5.48 billion or 83.1 percent of the country’s total exports. This was followed by East Asia at USD 3.26 billion (49.4%), and Regional Comprehensive Economic Partnership (RCEP) valued at USD 2.94 billion (44.6%). (Figure 6, and Tables 10 and 18)

7. East Asia contributed the highest export value by geographic region

By geographic region, East Asia comprised the highest export value in March 2025, amounting to USD 3.26 billion (49.4%). This was followed by Northern America with an export value of USD 1.18 billion (17.8%), and Southeast Asia with USD 911.20 million (13.8%) worth of exports. (Figure 7 and Table 19)

C. IMPORTS

1. Import value increased in March 2025

The total imported goods in March 2025 amounted to USD 10.72 billion, indicating an annual increment of 11.9 percent from the USD 9.58 billion import value in the same month of the previous year. In February 2025, the import value recorded an annual increase of 1.9 percent, while an annual decrease of 17.6 percent was registered in March 2024. (Figures 1 and 8, and Tables A and 2)

In March 2025, the commodity group with the highest annual increment in the value of imported goods was electronic products with USD 500.53 million. This was followed by industrial machinery and equipment, which increased by USD 137.21 million, and animal and vegetable oils and fats with an annual increment of USD 120.31 million. (Tables C and 11)

2. Year-to-date annual total import value increased

The year-to-date annual total import value, that is from January to March 2025, amounted to USD 31.98 billion. This represents an annual increment of 8.4 percent from the year-to-date annual total import value of USD 29.50 billion in January to March 2024. (Tables 2 and 12)

3. Electronic products recorded the highest import value among commodity groups

The commodity group with the highest import value in March 2025 was electronic products, which amounted to USD 2.52 billion or a share of 23.5 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at USD 1.31 billion (12.2%), and transport equipment at USD 1.06 billion (9.9%). (Figure 9 and Table 11)

4. Imports of raw materials and intermediate goods contributed the highest among major types of goods

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of the country’s total imports in March 2025, amounting to USD 3.92 billion (36.5%). This was followed by capital goods with a share of USD 3.16 billion (29.5%), and consumer goods with an import value of USD 2.30 billion (21.4%). (Figure 10 and Table 13)

5. People’s Republic of China had the highest import value

People’s Republic of China was the country’s largest supplier of imported goods valued at USD 3.10 billion or 28.9 percent of the country’s total imports in March 2025.

Completing the top five major import trading partners for this month with their corresponding import values and percent shares to the total imports were:

a.    Indonesia, USD 888.27 million (8.3%);
b.    Japan, USD 834.38 million (7.8%);
c.    Republic of Korea, USD 728.94 million (6.8%); and
d.    Thailand, USD 627.65 million (5.9%). (Figure 11 and Table 15)

6. Imports came largely from APEC member countries

By economic bloc, APEC countries were the largest suppliers of the country’s imported goods in March 2025 with a share of USD 9.17 billion (85.5%). This was followed by RCEP with an import value of USD 7.98 billion (74.4%), and East Asia with USD 5.19 billion (48.4%). (Figure 12, and Tables 16 and 18)

7. East Asia contributed the highest import value among geographic regions

By geographic region, East Asia had the highest import value of USD 5.19 billion (48.4%) in March 2025. This was followed by Southeast Asia with an import value amounting to USD 2.98 billion (27.8%), and Northern America valued at USD 646.90 million (6.0%). (Figure 13 and Table 19)