Trade Update: Exports continue powering through

The Philippine trade deficit narrowed by 15.0% year-on-year to USD 3.52 billion in December 2025, as exports and imports both logged faster growth.

Key points

• The country’s total deficit decreased by 9.5% year-to-date to USD 49.17 billion.
• Export growth accelerated to 23.3% year-on-year from 21.6% in the previous month. Meanwhile, imports grew by 7.1%, quicker than the upwardly revised 2.3% growth in November.
• Exports of manufactured goods grew by 28.7% year-on-year. Meanwhile, capital goods, the country’s top import in December, grew by 20.4% year-on-year.

Metrobank’s take

• Goods exports are still expected to maintain robust growth amid strong global demand for electronic goods despite the threat of US tariffs.
• Although consumer goods imports declined in December, import growth is expected to pick up moving forward should the rice import suspension is lifted.
• Given more favorable economic conditions, strong demand for capital goods and raw materials is expected to continue its momentum.

(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.)  

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Philippines Trade Update: Exports momentum further narrows gap

Growth momentum for both exports and imports are expected to be sustained

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