The Philippines recorded a mixed start to 2026 in international trade, with exports declining slightly and imports continuing to grow, according to preliminary data from the Philippine Statistics Authority.

Seasonally adjusted total exports reached $7.29 billion in January 2026, down 0.9 percent from $7.36 billion in December 2025. Manufactured goods, which make up the bulk of shipments, fell 1.5 percent to $5.82 billion, while agro-based products dropped 16.6 percent to $599.93 million.

In contrast, mineral products bucked the overall downward trend, jumping 45 percent to $782.53 million from $539.83 million the previous month.

Seasonal demand

Seasonal demand for certain goods contributed to the decline in total exports and in major categories such as manufactured and agro-based products, while forest and petroleum products remained largely stable.

On the import side, the country brought in $11.25 billion worth of goods in January, a 0.7 percent increase from December’s $11.17 billion.

Raw materials climbed 3.5 percent

Raw materials and intermediate goods climbed 3.5 percent to $3.91 billion, capital goods rose 2.1 percent to $3.69 billion, and consumer goods edged up 0.4 percent to $2.26 billion.

Seasonal demand helped boost capital goods imports but tempered growth in other categories, while mineral fuels and related products showed no seasonal impact.

The figures indicate that while the Philippines continues to rely on imports to meet domestic demand, export performance remains uneven at the start of the year, highlighting ongoing challenges in the country’s trade balance.