Philippines Trade Trends March 2026

According to data released by the Philippine Statistics Authority (PSA), the country’s trade deficit remained stable at USD 4.5 billion in March 2026, unchanged from the same period a year earlier.

During the same month, exports increased by 20.4 per cent year-on-year to a record USD 8.2 billion, supported primarily by strong demand for electronic products, which rose by 33 per cent, driven in particular by a 38.2 per cent increase in semiconductor exports. Additional notable export gains were recorded in machinery and transport equipment, which surged by 70.6 per cent, as well as gold, which rose sharply by 84 per cent.

In terms of export destinations, the United States remained the Philippines’ largest market, accounting for 17.1 per cent of total exports, followed by Hong Kong at 15.9 per cent, Japan at 11.8 per cent, and China at 11.7 per cent.

On the import side, total purchases rose by 12.3 per cent to a new record of USD 12.7 billion. This increase was mainly driven by higher imports of electronic products, which grew by 44.2 per cent, alongside stronger demand for mineral fuels by 35.1 per cent and cereals and cereal preparations by 33.6 per cent. China remained the country’s largest source of imports with a 27.6 per cent share, followed by South Korea with 11.3 per cent and Japan with a 8.4 per cent.

For the first quarter of 2026, the trade deficit widened slightly to USD 12.8 billion, compared with USD 12.5 billion in the same period of the previous year.

The Association of Southeast Asian Nations (ASEAN), a political and economic union with a population of 667 million and a combined GDP of USD 4.2 trillion in 2025, continues to play a central role in regional trade dynamics.