Philippines Imports YoY

The Philippines’ trade deficit widened to USD 4.9 billion in June 2026 from USD 4.4 billion in the same month a year earlier. Imports rose 19.6% year-on-year to USD 13.7 billion, driven by increased purchases of electronic products (+82.9%), mainly semiconductors (+105.4%), amid growing global AI demand. Imports also grew for mineral fuels (+6.3%), industrial machinery and equipment (+1.3%), and cereals (+48.1%). China accounted for the largest share of imports (31.7%), followed by South Korea (13.0%), Japan (6.7%), and Indonesia (6.7%). Meanwhile, exports rose 24.1% to USD 8.8 billion, led by electronic products (+35.2%), primarily semiconductors (+33.4%). Exports also increased for machinery and transport equipment (+28.6%), gold (+43.8%), and other manufactured goods (+9.8%). The US remained the top export market, accounting for 20.1% of total exports, followed by Hong Kong (15.3%), China (11.4%), and Japan (11.3%). In H1 2026, the trade gap stood at USD 30.8 billion.

Philippine imports climbed by 21.9% year-on-year to USD 13.4 billion in May 2026, following an upwardly revised 27.3% rise in the previous month. The increase was largely driven by a 93.3% jump in electronic products, mainly semiconductor components (+125.8%), followed by electronic data processing (+43.8%) and communication/radar (+42.9%). Inbound shipments also rose sharply for mineral fuels, lubricants and related materials (+35.6%) and telecommunication equipment and electrical machinery (+21.2%), partially offset by declines in transport equipment (-24.3%) and iron and steel (-14.5%). Among the country’s largest trading partners, China remained the top supplier, accounting for 29.4% of total imports, with purchases rising 31.9%. Arrivals also surged from South Korea (+153.9%), Malaysia (84.2%), and Singapore (+20.2%). For the first five months of the year, total imports grew by 16.2% to USD 63.1 billion.

Philippine imports climbed by 22.4% year-on-year to USD 13.2 billion in April 2026, accelerating from an upwardly revised 17% rise in the previous month. This marked the strongest growth in imports since August 2022, largely driven by a 78.2% surge in electronic products, mainly semiconductor components (+104.6%), followed by medical/industrial instrumentation (+38.4%), control and instrumentation (+36.2%), and communication/radar (+30.7%). Arrivals also rose sharply for mineral fuels, lubricants and related materials (+105.6%), partially offset by declines in transport equipment (-41%) and cereals and cereal preparations (-15.9%). Among the country’s largest trading partners, China remained the top supplier, accounting for 28.8% of total imports, with purchases rising 25.1%. Inbound shipments also increased from South Korea (+11.6%), Japan (+8.2%), Malaysia (+5%), and Indonesia (+6.7%). For the January -April period, total imports grew by 13.5% to USD 49.2 billion.