Philippine Imports Fall the Most in 14 Months

Philippine imports fell by 3.1% year-on-year to USD 11.1 billion in January 2026, slipping from an upwardly revised six-month high of 12.2% growth in the previous month. This marked the steepest decline since November 2024, mainly due to lower purchases of mineral fuels, lubricants and related materials (-25%), industrial machinery and equipment (-12.2%), and iron and steel (-19.7%). Conversely, arrivals rose for electronic products (18.6%), particularly medical/industrial instrumentation and semiconductors. Inbound shipments also increased for cereals and cereal preparation (20%) and metal products (17.6%). Among the country’s largest trading partners, China remained the top supplier, accounting for 29.2% of total imports, though arrivals fell by 1.7% from a year earlier. Imports also declined across nearly all key partners, particularly from Indonesia (-11.5%), Thailand (-14.4%), and Singapore (-14%)

Philippine imports rose by 7.1% yeear-on-year to USD 10.5 billion on December 2025, from an upwardly revised 2.3% gain in the previous month. It marked the strongest annual growth since June, driven primarily by higher purchases of electronic products (25.8%), particularly components/devices, electronic data processing equipment, and telecommunications. Imports also increased for mineral fuels, lubricants, and related materials (6.3%), transport equipment (7%), and industrial machinery and equipment (1%). However, decreases were observed in other food and live animals (-4.1%) and cereals and cereal preparations (-29%). Among the country’s largest trading partners, China remained the top supplier, accounting for 28.4% of total imports. Other major sources included the Republic of Korea (9.8%), Indonesia (6.8%), Japan (6.8%), and the United States (6.3%). For the full year of 2025, total imports reached USD 133.6 billion, a 4.7% increase compared to 2024.

Philippine imports fell by 2% year-on-year to USD 10.4 billion in November 2025, slowing from a downwardly revised 3% drop in the previous month. The softer decline was driven by growth in electronic products (16.6%), particularly semiconductors (28.5%) and electronic data processing (1.5%). Imports also rose for transport equipment (20.7%) and iron and steel (11.1%). These gains offset decreases in mineral fuels, lubricants, and related materials (-18.9%), other food and live animals (-1.8%), and telecommunication equipment and electrical machinery (-7.7%). Among the country’s largest trading partners, China remained the top supplier (28.7% share), with imports rising 2.8%. However, imports from Japan (-2.9%), Indonesia (-16%), and the US (-2.1%) declined. For the January to November period, the country's imports increased to USD 122.6 billion from USD 117.6 billion in the same period a year earlier.