The Philippines’ trade deficit narrowed to USD 4.0 billion in January 2026 from USD 4.9 billion a year earlier, as exports rose while imports declined. Exports increased 7.9% year-on-year to USD 7.1 billion, led by higher shipments of electronic products (+18.8%), which remained the country’s top export commodity, accounting for 56.5% of total exports. Outbound shipments also rose for gold (+263%) and machinery and transport equipment (+68.4%). The US accounted for the largest share of exports (16.4%), followed by Hong Kong (15.9%), Japan (12.3%), and China (9.8%). Meanwhile, imports fell 3.1% to USD 11.1 billion, weighed down by lower purchases of mineral fuels, lubricants, and related materials (-25%), transport equipment (-3.3%), and industrial machinery and equipment (-12.2%). China remained the largest source of imported goods (29.2%), followed by South Korea (11.2%), Japan (8.3%), and Indonesia (7.1%). source: Philippine Statistics Authority

Philippines recorded a trade deficit of 4048053 USD Thousand in January of 2026. Balance of Trade in Philippines averaged -723116.58 USD Thousand from 1957 until 2026, reaching an all time high of 1144700.00 USD Thousand in September of 1999 and a record low of -5993433.00 USD Thousand in August of 2022. This page provides the latest reported value for - Philippines Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Philippines Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Philippines recorded a trade deficit of 4048053 USD Thousand in January of 2026. Balance of Trade in Philippines is expected to be -4100000.00 USD Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Balance of Trade is projected to trend around -3200000.00 USD Thousand in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-27 01:00 AM
Balance of Trade
Dec $-3.525B $-3.954B $ -4.3B
2026-02-27 01:00 AM
Balance of Trade
Jan $-4.048B $-3.993B $-3.8B
2026-03-27 01:00 AM
Balance of Trade
Feb $-4.048B $-3.8B


Related Last Previous Unit Reference
Balance of Trade -4048053.00 -3993223.00 USD Thousand Jan 2026
Exports 7093725.65 7026053.41 USD Thousand Jan 2026
Exports YoY 7.90 23.90 percent Jan 2026
Imports 11141778.96 11019276.49 USD Thousand Jan 2026
Imports YoY -3.10 7.10 percent Jan 2026


Philippines Balance of Trade
Philippines has been running annual trade deficits due to high imports of raw materials and intermediate goods. In 2013, the biggest trade deficits were recorded with: Taiwan, Saudi Arabia, Thailand and South Korea while the biggest trade surpluses with: Japan, Hong Kong and the United States.
Actual Previous Highest Lowest Dates Unit Frequency
-4048053.00 -3993223.00 1144700.00 -5993433.00 1957 - 2026 USD Thousand Monthly

News Stream
Philippines Trade Deficit Narrows in January
The Philippines’ trade deficit narrowed to USD 4.0 billion in January 2026 from USD 4.9 billion a year earlier, as exports rose while imports declined. Exports increased 7.9% year-on-year to USD 7.1 billion, led by higher shipments of electronic products (+18.8%), which remained the country’s top export commodity, accounting for 56.5% of total exports. Outbound shipments also rose for gold (+263%) and machinery and transport equipment (+68.4%). The US accounted for the largest share of exports (16.4%), followed by Hong Kong (15.9%), Japan (12.3%), and China (9.8%). Meanwhile, imports fell 3.1% to USD 11.1 billion, weighed down by lower purchases of mineral fuels, lubricants, and related materials (-25%), transport equipment (-3.3%), and industrial machinery and equipment (-12.2%). China remained the largest source of imported goods (29.2%), followed by South Korea (11.2%), Japan (8.3%), and Indonesia (7.1%).
2026-02-27
Philippines Posts Smallest Trade Gap in 10 Months
The Philippines' trade deficit narrowed to USD 3.52 billion in December 2025 from USD 4.15 billion in the same month last year. This was the smallest trade gap since February, as exports rose much faster than imports. Exports surged by 23.3 year-on-year to USD 6.99 billion, led by higher sales of electronic products (43.6%), which remained the country’s top export commodity, accounting for 57.8% of total exports. The US had the largest export share (15.7%), despite a 19% tariff imposed in August. Other major destinations were Hong Kong (15.1%), Japan (14%), and China (11.3%). Meanwhile, imports increased by 7.1% to USD 10.52 billion, largely due to purchases of electronic products (25.8%) and mineral fuels, lubricants, and related materials (6.3%). China remained the largest supplier of imported goods (28.4%), followed by South Korea (9.8%), Indonesia (6.8%), and Japan (6.8%). In 2025, the country’s trade deficit narrowed to USD 49.17 billion from USD 54.33 billion in 2024.
2026-01-27
Philippines Trade Gap Smallest in 9 Months
The Philippines' trade deficit narrowed to USD 3.51 billion in November 2025, from USD 4.94 billion in the same month the previous year, marking the smallest trade gap since February. Exports soared by 21.3% year-on-year to USD 6.91 billion, mainly driven by higher sales of electronic products (50.6%), which remained the top exports with total earnings of USD 4.19 billion, accounting for 60.7% of the country’s total exports. Hong Kong held the largest export share (16.9%), followed closely by the US (16.8%) and Japan (12.6%). Meanwhile, imports fell by 2% year-on-year to USD 10.42 billion, weighed down by lower purchases of mineral fuels, lubricants, and related materials (-18.9%). China remained the top import source (27.8%), followed by South Korea (9.4%) and Japan (7.7%). From January to November, the country's trade gap narrowed USD 45.2 billion, from USD 50.2 billion in the corresponding period a year earlier.
2025-12-26