The Philippines’ trade deficit held steady at USD 4.5 billion in March 2026, unchanged from the same month a year earlier. Exports jumped 20.4% year-on-year to a record USD 8.2 billion, driven primarily by robust demand for electronic products (+33%), particularly semiconductors (+38.2%). Strong gains were also recorded in shipments of machinery and transport equipment (+70.6%) and gold (+84%).
The United States remained the country’s largest export market, accounting for 17.1% of total exports, followed by Hong Kong (15.9%), Japan (11.8%), and China (11.7%).
Imports likewise reached an all-time high, rising 12.3% to USD 12.7 billion. The increase was fueled by higher purchases of electronic products (+44.2%), mineral fuels (+35.1%), and cereals and cereal preparations (+33.6%). China was the Philippines’ leading import source, with a 27.6% share, followed by South Korea (11.3%) and Japan (8.4%).
For the first quarter of 2026, the trade deficit widened slightly to USD 12.8 billion from USD 12.5 billion in the same period a year earlier.
