Trade gap likely up in November

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

December 26, 2025 | 12:00am

MANILA, Philippines — The Philippines likely posted a bigger trade gap in November due to slower exports growth and the continued decline in imports, according to UK-based think tank Pantheon Macroeconomics.

In a report, Pantheon Macroeconomics chief emerging Asia economist Miguel Chanco and Asia economist Meekita Gupta said that they expect the trade gap to widen to $3.95 billion in November from $3.83 billion in October.

“Underlying this should be a moderation in y/y (year-on-year) export growth to 13.5 percent from 19.4 percent,” the economists said.

Philippine exports rose by 19.4 percent to $7.39 billion in October from $6.19 billion in the same month last year.

Exports have posted growth for 10 straight months despite the US imposition of tariffs on its trade partners.

A 19-percent tariff is being imposed by the US on Philippine exports except semiconductors and key agricultural exports.

Chanco and Gupta said they also expect the decline in imports to ease to 2.2 percent in November from the previous month’s 6.5 percent.

The Philippines imported $11.22 billion worth of goods in October, 6.5 percent lower than the previous year’s $12 billion.

From January to October, the Philippines posted a smaller trade deficit of $41.32 billion compared to the $45.25 billion shortfall in the same period in 2024.

As of end-October, Philippine exports rose by 13.8 percent to $70.43 billion from  $61.90 billion in the same period last year.

Total imports from January to October also grew by 4.3 percent to $111.75 billion from $107.15 billion in the same period a year ago.

The Philippine Statistics Authority is set to release international trade data for November today.