The Philippines recorded a trade deficit of $3.16 billion in February, down 11.4% from a year earlier, as exports rose while imports declined, government data showed on Friday.

Total external trade rose 0.4% year-on-year to $15.66 billion, with exports accounting for 39.9% and imports 60.1% of the total.

Exports increased 3.9% to $6.25 billion, driven by higher sales of coconut oil at $132.53 million, manufactured goods at $106.09 million, and electronics at $87.05 million.

The US was the top export destination at $986.84 million, followed by Japan at $984.76 million and Hong Kong at $873.64 million.

Imports declined 1.8% to $9.41 billion, with the sharpest drops in mineral fuels at $399.17 million, metal scrap at $186.23 million, and power-generating machinery at $68.10 million.

China remained the leading source of imports at $2.46 billion, followed by Japan at $841.87 million and Indonesia at $803.17 million.

In related developments, the Department of Trade and Industry (DTI) expressed confidence that the Philippines will not be significantly affected by recent US tariffs.

Trade Undersecretary Nora Terrado said the country's minimal trade deficit with the U.S. suggests limited impact from these measures.