International trade data for April 2025 showed that exports rose sharply to P7.6 billion, up from P5.9 billion in March. This was largely driven by an increase in diamond exports to P6.0 billion, up 46% from P4.2 billion in March. This was the highest level of monthly exports since August 2023. This resulted in a monthly trade surplus (goods exports minus imports) of P944 million, the first monthly trade surplus since August 2023.

The upturn in exports was in contrast to the weakness in the international diamond market that has been experienced since mid-2023, and marks a welcome turnaround. However, indications are that the increase was to a large extent driven by a surge in diamond exports prior to the imposition of significant import tariffs by the USA, which were announced in early April for imposition in July 2025. As such, it may not represent a significant turnaround in the market, as reports suggest very quiet diamond trade in May and June. Nevertheless, the April trade surplus will help to boost the foreign exchange reserves, even if temporarily, following a long period of decline.