The Philippines’ trade deficit widened to USD 4.1 billion in March 2025 from 3.4 billion in the same month last year, as imports increased more than exports. Imports climbed 11.9% year-on-year to USD 10.7 billion, fueled by higher purchases of industrial machinery and equipment (32.9%), iron and steel (30.1%), and other food and live animals (28.4%). China remained the top import source, accounting for 28.9% of total imports, followed by Indonesia (8.3%), Japan (7.8%), South Korea (6.8%), and Thailand (5.0%). Meanwhile, exports rose at a softer 5.9% to USD 6.6 billion, driven by increased sales of coconut oil (85.5%), other manufactured goods (45.4%), and other mineral products (24.6%). The US was the largest export destination (16.8%), followed by Hong Kong (15.3%), Japan (14.6%), China (11.6%), and Singapore (4.2%). Considering the January to March period, the trade deficit expanded to USD 12.7 billion, compared to USD 11.3 billion in the corresponding period of the previous year.