Philippine Exports Growth Hits 6-Month Low

Philippine exports climbed by 20.4% year-on-year to an all-time high of USD 8.2 billion in March 2026, accelerating from an upwardly revised 8.9% rise in the previous month. Electronic products remained the top export commodity, rising 33% and accounting for 59% of total shipments, led by semiconductor components (+38.2%), consumer electronics (+73.5%), and telecommunications (+80.4%). Outbound sales also increased sharply for machinery and transport equipment (+70.6%), other mineral products (+55.7%), and gold (+84%), partially offset by declines in other manufactured goods (-29.6%) and coconut oil (-30.4%). Among key trading partners, exports to the US, the largest market accounting for 17.7% of total shipments, rose 17.7%, followed by Hong Kong (+28.7%), China (+23.5%), Taiwan (+52%), and Singapore (+34.1%), while Japan (-0.6%) was the only major destination to record a decline. For January–March, total exports increased 12.7% to USD 22.7 billion.

Philippine exports rose 8% year-on-year to USD 7.3 billion in February 2026, easing from a revised 8.7% growth in January and marking the slowest increase in six months. Electronic products remained the top export commodity, rising 20.5% and accounting for 57.7% of total shipments, led by semiconductor components (+26.9%) and telecommunication products (+54.3%). Machinery and transport equipment (+47.7%) and gold (+132.2%) also posted strong growth, partially offset by declines in other manufactured goods (-64.0%) and coconut oil (-5.8%). Among key trading partners, exports to the US, the largest market at 19.3% of total, surged 42.9%. Sales also rose to Hong Kong (+33.1%), South Korea (+33.7%), Germany (+16.1%), and Taiwan (+24.5%), while exports to China (-0.4%) and the Netherlands (-5.8%) softened. For January–February, total exports increased 8.3% to USD 14.47 billion.

Philippine exports rose 7.9% year-on-year to USD 7.1 billion in January 2026, marking the slowest growth since late August, after a 23.9% surge in December. Exports increased for electronic products (+18.8%), which remained the country’s top export commodity, accounting for 56.5% of total shipments. Outbound sales also rose for gold (+263%) and machinery and transport equipment (+68.4%), but these gains were partially offset by declines in other manufactured goods (-49.8%), coconut oil (-17.5%), other mineral products (-43.2%), chemicals (-23.5%), and copper concentrates (-10.7%). Among key trading partners, exports to the US, the largest export market at 16.4% of total, rose 3.1%. Sales also increased to Hong Kong (+55.1%), South Korea (+49.1%), and Germany (+39.5%), while exports fell to China (-7.1%), Japan (-7.9%), and Thailand (-1.8%).