Türkiye, Philippines Narrow Trade Deficits in August Amid Shifting Imports, Exports

Several countries reported narrowing trade deficits in August 2025, driven primarily by declining imports outpacing export decreases or modest export growth. Iceland's trade deficit decreased slightly to ISK 33.6 billion due to export-import value shifts, despite rising unemployment and a dip in domestic hotel stays. Türkiye saw a notable 15.8% reduction in its trade deficit to $4.2 billion, supported by a 3.9% drop in imports exceeding a 1.2% fall in exports; excluding energy and gold, it recorded a trade surplus, with key export markets including Germany and the U.S. The Philippines reported a 19.4% contraction in its trade deficit to $3.54 billion as imports fell 4.9%, notably in mineral fuels and cereals, while exports grew 4.6%, led by electronics and gold. These trends reflect uneven demand across regions, with external economic pressures causing import pullbacks but allowing some export sectors, like electronics, to sustain growth.