Economy6 MIN READ
Trade Update: Trajectories sustained
The Philippines’ trade deficit narrowed year-on-year in November on strong exports and constricted imports.
December 26, 2025 by Metrobank
Share this article:
The Philippine trade deficit in November narrowed by 28.8% year-on-year to USD 3.51 billion, as exports growth quickened and imports declined.
Key points
- ●The country’s total deficit decreased by 9.9% year-to-date to USD 45.20 billion.
- ●Exports growth accelerated to 21.3% year-on-year from 20.3% in the preceding month. Meanwhile, imports declined by 2.0%, sustaining the contraction logged in October.
- ●Manufactured goods, which remain the largest export commodity, grew by 29.8% year-on-year. Meanwhile, raw materials and intermediate goods, the country’s top import, contracted by 1.8%.
Metrobank’s take
- ●Goods exports are still expected to maintain robust growth, supporting the country’s trade balance moving forward.
- ●Although weakness of imports growth in November is partly driven by the suspension of rice imports, the deceleration in imports of other commodities may signal weak consumption and private investments. This may be a cause for further monetary easing to su
(Disclaimer: This is general investment information only and does not constitute an offer or guarantee, with all investment decisions made at your own risk. The bank takes no responsibility for any potential losses.)
Download our report below.
ECONOMIC UPDATES
Philippines Trade Update: Trade trajectories trend along
A narrower trade deficit may be supportive of economic growth.
Trade Update: Trajectories sustained