The Philippines’ trade deficit widened to USD 6.0 billion in July 2026, up from USD 4.4 billion in the same month a year earlier. Imports rose by 19.8% year-on-year to USD 14.1 billion, driven largely by a 61.3% surge in purchases of electronic products, led in particular by semiconductors, which jumped 79%. Import volumes also increased for mineral fuels, lubricants and related materials (+34.8%), as well as cereals and cereal preparations (+50.1%).
China remained the country’s leading import source, accounting for 29.5% of total imports, followed by South Korea (12.7%), Japan (7.9%), and Indonesia (5.7%).
On the export side, shipments grew at a more moderate pace of 10.8%, reaching USD 8.1 billion. This expansion was supported by higher exports of electronic products (+22.2%), machinery and transport equipment (+16.6%), and gold (+29.3%). The United States retained its position as the Philippines’ largest export market, absorbing 20.7% of total exports, followed by Hong Kong (15.9%), China (11.3%), and Japan (10.5%).
For the January–July period, the cumulative trade deficit widened to USD 37.3 billion, compared with USD 28.9 billion in the same period a year earlier.
