Manila: The country's trade deficit recorded a double-digit decline in August this year, the Philippine Statistics Authority (PSA) said. Preliminary data released Tuesday showed the balance of trade in goods, or the difference between the value of exports and imports, went down by 19.4 percent to USD3.54 billion from USD4.39 billion in August last year.

According to Philippines News Agency, total export sales increased by 4.6 percent to USD7.06 billion from USD6.75 billion in August last year. Exports of electronic products, which reached USD3.87 billion, continued to be the country's top exports in August. This was followed by other mineral products, machinery, and transport equipment.

By major trading partner, exports to Hong Kong comprised the highest export value amounting to USD1.19 billion or 16.9 percent of the country's total exports during the month. Other major export trading partners include the United States, Japan, People's Republic of China, and Taiwan.

The value of imported goods, on the other hand, reached USD10.60 billion, down by 4.9 percent from USD11.15 billion in August 2024. The PSA said the commodity group with the highest import value in August 2025 was electronic products, which amounted to USD2.74 billion, followed by mineral fuels, lubricants, and related materials and transport equipment.

Top sources of imports were China, South Korea, Indonesia, Japan, and the United States.