FX.co ★ Philippines Trade Deficit Widens in September

The Philippines’ trade deficit widened to USD 5.2 billion in September 2026, up from USD 4.7 billion in the same month a year earlier. Imports surged 25.7% year-on-year to a record USD 15.0 billion, fueled by a sharp increase in purchases of electronic products (+87.4%), particularly semiconductors (+144%). Import volumes also grew for mineral fuels and lubricants (+53.3%), cereals and cereal preparations (+22.8%), and telecommunications equipment (+14.2%). South Korea was the country’s largest import source, accounting for 26.1% of total imports, followed by China (22.3%), Indonesia (6.6%), and Japan (6.3%).

Exports climbed 35.6% to USD 9.9 billion, supported by higher shipments of electronic products (+71.9%), led by semiconductors (+86.1%) and office equipment (+89.1%). Exports of gold (+24.2%) and fresh bananas (+43.2%) also posted solid gains. The United States remained the Philippines’ leading export market, absorbing 26.6% of total outbound shipments, followed by Hong Kong (15.7%) and China (11.3%). Over the January–September period, the trade deficit widened to USD 47.2 billion from USD 37.6 billion a year earlier.