Amid the lingering effects of United States (US) tariffs on Philippine merchandise exports, the country’s export value in November fell to its lowest level in seven months, while the import value dropped to its lowest in nine months, the Philippine Statistics Authority (PSA) reported.

The latest preliminary data released by the PSA on Friday, Dec. 26, showed that the country’s goods exports in November increased by 21.3 percent year-on-year, while imports decreased by two percent.

National Statistician Claire Dennis S. Mapa told Manila Bulletin that the November export value of $6.91 billion was the lowest since April 2025, when it stood at $6.78 billion. He added that the November import value of $10.42 billion was the lowest since February 2025, when it totaled $9.76 billion.

Despite the November dip, Mapa said total goods exports in the first 11 months of 2025 reached $77.39 billion, the highest since 1991, while imports totaled $122.59 billion as of end-November, higher than the end-October level of $112.17 billion.

PSA data showed that Hong Kong led Philippine exports in November, contributing $1.17 billion, or a 16.9-percent share, slightly ahead of the US at $1.16 billion, or 16.8 percent of total. However, Mapa noted that for the full year of 2025, exports to the US remained higher than those to Hong Kong.

This was followed by Japan with $872.12 million (12.6 percent of November’s goods exports), China with $698.37 million (10.1 percent), and the Netherlands with $338.18 million (4.9 percent).

Electronic products remained the Philippines’ top export commodity in November, earning $4.19 billion, or 60.7 percent of the month’s exports, the PSA reported. Other manufactured goods followed with $348.14 million (five percent of total), and machinery and transport equipment with $317.02 million (4.6 percent).

On the import side, the PSA reported that China remained the country’s largest supplier of imported goods in November, with shipments valued at $2.9 billion, accounting for 27.8 percent of total imports. This was followed by South Korea with $978.91 million (9.4 percent of total), Japan with $806.17 million (7.74 percent), Indonesia with $805.07 million (7.72 percent), and the US with $609.62 million (5.8 percent).

In terms of commodity groups, the PSA reported that electronic products had the highest import value in November, amounting to $2.87 billion, or 27.6 percent of total imports. This was followed by mineral fuels, lubricants, and related materials at $1.06 billion (10.2 percent of total), and transport equipment at $996.31 million (9.6 percent).

Despite lower export sales in November, Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said Philippine exports have remained resilient due to the diversification of markets beyond the US amid higher tariffs, especially toward more affluent countries in Asia, the Middle East, and Europe, as well as free-trade agreement (FTA) partners.