FX.co ★ Philippine Imports Accelerate in March

In March 2025, the Philippines experienced an 11.9% year-on-year increase in imports, reaching $10.7 billion, up from a revised growth of 1.9% in February. This represents the highest volume of inbound shipments since April of the previous year. Notable increases were observed across various commodity groups, including industrial machinery and equipment (32.9%), iron and steel (30.1%), other food and live animals (28.4%), telecommunication and electrical machinery (27.4%), and electronic products (24.8%). However, there was a significant decline in imports of cereal and cereal preparations, which fell by 24.3%. Among the Philippines' key trading partners, import levels rose from China by 36.2%, from Indonesia by 32.7%, and from Vietnam by 26.3%. Conversely, imports decreased from Singapore by 7.9% and from the United States by 15.5%, primarily due to newly imposed tariffs. Overall, imports for the first quarter of the year were 8.4% higher compared to the same quarter the previous year.