FX.co ★ Philippines Imports Growth at 3-Month Low

The Philippines’ trade deficit widened to USD 4.9 billion in June 2026, compared with USD 4.4 billion in the same month a year earlier. Imports climbed 19.6% year-on-year to USD 13.7 billion, fueled by a surge in purchases of electronic products (+82.9%), particularly semiconductors (+105.4%), amid strong global demand linked to artificial intelligence. In addition, imports of mineral fuels (+6.3%), industrial machinery and equipment (+1.3%), and cereals (+48.1%) also increased.

China remained the Philippines’ largest import source, accounting for 31.7% of total imports, followed by South Korea (13.0%), Japan (6.7%), and Indonesia (6.7%).

On the export side, shipments rose 24.1% to USD 8.8 billion. Growth was led by electronic products (+35.2%), with semiconductors up 33.4%. Exports of machinery and transport equipment (+28.6%), gold (+43.8%), and other manufactured goods (+9.8%) also posted gains.

The United States remained the Philippines’ largest export market, absorbing 20.1% of total exports, followed by Hong Kong (15.3%), China (11.4%), and Japan (11.3%). Over the first half of 2026, the country’s trade deficit reached USD 30.8 billion.