{"id":17525,"date":"2025-10-31T08:15:48","date_gmt":"2025-10-31T07:15:48","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=17525"},"modified":"2025-10-31T08:15:48","modified_gmt":"2025-10-31T07:15:48","slug":"trade-deficit-shrinks-to-4-35-billion-a-shift-in-economic-landscape","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/10\/31\/trade-deficit-shrinks-to-4-35-billion-a-shift-in-economic-landscape\/","title":{"rendered":"“Trade Deficit Shrinks to $4.35 Billion: A Shift in Economic Landscape”"},"content":{"rendered":"

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\n<\/p>\n

By Isa Jane D. Acabal<\/b><\/p>\n

THE PHILIPPINES\u2019\u00a0commerce <\/span>defi<\/span>cit<\/span>\u00a0in products diminished in September, as exports recorded double-digit increase, the Philippine Statistics <\/span>Authority (PSA) announced on <\/span>Thursday. <\/span><\/p>\n

Initial figures from the PSA indicated that the nation’s trade-in-goods balance \u2014 the gap between exports and imports \u2014 was at a deficit of $4.35 billion in September, 14.7% lower than the $5.1-billion deficit from the prior year.<\/p>\n

Month-over-month, the trade gap expanded to a two-month peak from the adjusted $3.99 billion recorded in August.<\/p>\n

<\/a><\/p>\n

The latest statistic represented the broadest trade deficit since the $4.42-billion gap in July 2025.<\/p>\n

For the January-to-September timeline, the trade deficit reduced to $37.18 billion, down 5.7% from the $39.43-billion deficit during the same timeframe last year.<\/p>\n

The country’s trade balance has been in the red for more than a decade, or since the $64.95-million surplus reported in May 2015.<\/p>\n

Overall outbound sales of Filipino-made goods surged by 15.9% year-on-year in September to $7.25 billion, outpacing the 5.5% growth in August and a turnaround from the 7.6% decline in September 2024.<\/p>\n

This was the swiftest rate for exports in two months, since the 17.6% increase in July.<\/p>\n

On a year-to-date basis, exports grew by 13.1% to $63.02 billion.<\/p>\n

Conversely, merchandise imports rose by 2.1% year-on-year in September, marking a shift from the adjusted 0.3% decrease in August, but slower than the 10.1% rise a year prior.<\/p>\n

The import expenditure in September reached $11.6 billion \u2014 the largest in two months, since $11.77 billion in July.<\/p>\n

In the first nine months, imports increased by 5.3% to $100.19 billion.<\/span><\/p>\n

The Development Budget Coordination Committee anticipates a 2% decrease in exports and a 3.5% rise in imports this year.<\/p>\n

\u201cThe trade deficit decreased on a yearly basis as the growth of exports surpassed that of imports. Exports (were) probably supported as foreign enterprises stocked up in anticipation of the (fourth-quarter) holiday surge and with greater clarity regarding the US tariff situation,\u201d Marco Antonio C. Agonia, an economist from the University of Asia and the Pacific, stated in an email.<\/p>\n

The US began implementing a 19% tariff on numerous products from the Philippines on Aug. 7.<\/p>\n

\u201cThe introduction of reciprocal tariffs [by the United States] might have initially hindered exports growth in August, but it probably allowed supply chains to adjust with some degree of certainty <\/span>in September,\u201d Mr. Agonia noted.<\/span><\/p>\n

The peso\u2019s depreciation against the US dollar in September may have also enabled Philippine exports to gain a competitive edge in the global marketplace, he added.<\/p>\n

In September, the peso averaged P57.2501 against the dollar, slightly stronger than the P57.2525 average in August, according to the latest data from the central bank. Year-on-year, the peso fell by 2.06% against the US currency, worse than the 0.1% decline in August.<\/p>\n

By major category of goods, manufactured items constituted the largest segment of total export revenue, rising by 15.9% year-on-year to $5.74 billion in September.<\/p>\n

Exports of mineral goods also increased by 8.9% to $703.68 million in September, while petroleum products declined by 17% to $22.05 million.<\/span><\/p>\n

Electronic items remained the country\u2019s leading export product, climbing by 27.9% to $4.02 billion and comprising more than half of overall exports.<\/p>\n

Semiconductors, a category under electronic items, surged by 32% to $3.05 billion in September. Exports of semiconductors are currently exempt from the 19% US tariff.<\/p>\n

\u201cPhilippine exports maintained resilience in September, as modest growth in US-bound goods were outstripped by stronger increases in other markets,\u201d Chinabank Research mentioned in a research note.<\/p>\n

The United States was the primary destination for Philippine-made goods in September, accounting for 15.3% or $1.11 billion of total export sales. Following that was Hong Kong, which represented a 15.1% share or $1.1 billion, China with a 13.2% share or $959.19 million, Japan with a 12.2% share or $883.33 million, and the Netherlands with a 4.5% share or $325.78 million.<\/p>\n

\u201cExports remain bolstered by electronics shipments, likely to regions outside the USA. Thus far, it appears the Philippines has managed to discover alternative export markets,\u201d Nicholas Antonio T. Mapa, chief economist at the Metropolitan Bank & Trust Co., remarked.<\/p>\n

RECOVERY IN IMPORTS
\n<\/b>Meanwhile, the sluggish growth in imports in September reflects the consequences of the peso’s depreciation.<\/p>\n

\u201cImporters may have curtailed purchases as the costs of imported goods escalated with the peso’s decline,\u201d Mr. Agonia stated, noting that adverse weather conditions may have also contributed to the tepid growth in imports.<\/p>\n

Raw materials and intermediate products, which constituted the majority of the country\u2019s total imports in September, decreased by 4.9% to $4.13 billion.<\/p>\n

Imports of capital goods surged by 23.8% to $3.77 billion in September, while consumer goods dropped by 7.1% to $2.38 billion.<\/p>\n

Conversely, imports of mineral fuels, lubricants, and related materials fell by 6.2% to $1.28 billion.<\/p>\n

\u201cImports, on the other hand, experienced lower inbound shipments except for capital goods, which is a positive development to enhance productivity in the medium term. Recent rate reductions by the (Bangko Sentral ng Pilipinas) may finally be beginning to support corporate capital expenditure,\u201d Mr. Mapa noted.<\/p>\n

China continued to be the primary source of imports, accounting for 28.4% or $3.29 billion of the complete import expenditure in September.<\/p>\n

It was followed by South Korea with a 9.1% share or $1.06 billion, Japan with 8.1% or $935.07 million, Indonesia with 7.1% or $821.42 million, and the US with 6.3% or $728.88 million.<\/p>\n

UNCERTAIN PROGNOSIS
\n<\/b>George T. Barcelon, chairman of the Philippine Chamber of Commerce and Industry, mentioned in a Viber message that more imports are currently arriving as companies prepare for the holiday season.<\/p>\n

Mr. Mapa mentioned that the perspective for trade remains uncertain, \u201cconsidering ever-evolving tariff regulations, but recovery in capital formation should persist.\u201d<\/p>\n

According to Mr. Agonia, the growth in exports might remain robust in the last quarter of the year, as the peso’s depreciation enhances the competitiveness of exports.<\/p>\n

\u201cHowever, imports are likely to surge as the holiday season begins, and the National Government accelerates its spending initiatives. We could see larger trade deficits as a consequence,\u201d he stated.<\/p>\n

Chinabank Research anticipates that the narrowing trade deficit in September will positively influence overall gross domestic product (GDP) growth in the third quarter.<\/p>\n

The PSA will publish the third-quarter GDP on Nov. 7.<\/p>\n


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“`html By Isa Jane D. Acabal THE PHILIPPINES\u2019\u00a0commerce deficit\u00a0in products diminished in September, as exports recorded double-digit increase, the Philippine Statistics Authority (PSA) announced on Thursday. Initial figures from the PSA indicated that the nation’s trade-in-goods balance \u2014 the gap between exports and imports \u2014 was at a deficit of $4.35 billion in September, 14.7%<\/p>\n","protected":false},"author":3,"featured_media":17527,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[4076],"class_list":{"0":"post-17525","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-and-markets","8":"tag-return-a-list-of-comma-separated-tags-from-this-title-trade-gap-narrows-to-4-35-billion"},"yoast_head":"\n"Trade Deficit Shrinks to $4.35 Billion: A Shift in Economic Landscape" - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/10\/31\/trade-deficit-shrinks-to-4-35-billion-a-shift-in-economic-landscape\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\""Trade Deficit Shrinks to $4.35 Billion: A Shift in Economic Landscape" - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"“`html By Isa Jane D. 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