The Philippines’ external trade surged to a record high in March 2026, signaling strong economic activity despite a widening trade gap driven by sustained imports, according to the Philippine Statistics Authority (PSA).
Total trade in goods reached USD 20.85 billion, up 15.3 percent from a year earlier and the highest level recorded since data tracking began in 1991. Imports accounted for the bulk at 60.8 percent, reflecting continued demand for raw materials, fuel, and capital goods.
The strong import growth, however, pushed the trade deficit to USD 4.51 billion, slightly higher than a year ago and the largest gap since September 2025.
Exports provided a key boost, rising 20.4 percent year-on-year to USD 8.17 billion, also a record. Electronic products remained the country’s top export, contributing 59 percent of total outbound shipments, followed by machinery and transport equipment.
The United States emerged as the largest export market, accounting for 17.1 percent of total shipments, followed by Hong Kong, Japan, and China. Most exports were bound for Asia-Pacific Economic Cooperation economies, highlighting the region’s continued importance to Philippine trade.
On the import side, purchases climbed 12.3 percent to USD 12.68 billion, with electronic products, mineral fuels, and transport equipment leading the increase. China remained the country’s top supplier, accounting for more than a quarter of total imports.
For the first quarter, total exports reached USD 22.70 billion, while imports stood at USD 35.50 billion, both marking their highest levels on record.
The PSA data reflects a pattern of strong trade flows supported by industrial demand, although the persistent deficit underscores the country’s reliance on imported inputs to sustain growth.