FX.co ★ Philippine Export Growth Remains Robust

Philippine export activity witnessed a notable growth of 17.3% year-on-year, reaching USD 7.3 billion in July 2025. This marks a deceleration from the revised 26.9% increase observed in June. Nevertheless, it stands as the second-rapidest expansion in outbound shipments since early 2024. This growth was primarily driven by a rise in the sales of electronic products (20.7%), machinery and transport equipment (29.3%), and fresh bananas (45.6%). Exports of other mineral products surged by an impressive 133.1%, alongside a doubling in gold exports (100.3%), driven by strong global demand for safe-haven assets. The United States continued to be the leading market, accounting for a 15.8% share of exports, with a 9.7% increase in shipments, despite a 19% tariff implemented on Philippine goods from late July. Additionally, exports experienced growth in markets such as Hong Kong (49.7%), Japan (14.2%), China (5%), and the Netherlands (38.6%). Cumulatively, from January to July, total exports rose by 13.9% to USD 48.62 billion compared to the same period in the previous year.