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The country’s trade deficit widened for the first time in February 2026 after seven months of consecutive declines as imports recorded double-digit growth during the period
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The balance of trade in goods in February 2026 amounted to US$-3.68 billion, indicating a trade deficit of 23.1%, the lowest deficit recorded since May 2025 with $-3.64 billion
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Total external trade in February reached $18.34 billion, up 10.7% year-on-year
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Imports grew 12.6% to $11.01 billion while exports rose 8% to $7.33 billion
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Exports continued its growth streak for the 14th month in a row although one of the lowest increases recorded for that stretch
The country’s trade deficit increased for the first time in February 2026 after seven months of consecutive declines as imports recorded double-digit growth during the period, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in goods in February 2026 amounted to US$-3.68 billion, indicating a trade deficit of 23.1%, the lowest deficit recorded since May 2025 with $-3.64 billion.
Total external trade in February reached $18.34 billion, up 10.7% from $16.57 billion in February 2025.
Imports, which accounted for 60% of the total, grew 12.6% year-on-year to $11.01 billion, recovering from a 1% decline in January 2026.
For the first two months of 2026, imports increased 5.3% year-on-year to $22.43 billion.
Exports, meanwhile, rose 8% year-on-year to $7.33 billion, continuing its growth streak for the 14th month in a row though one of the lowest increases.
For the first two months of the year, exports likewise improved 8.3% to $14.47 billion, the highest recorded since the series began in 1991.
By commodity group, electronic products continued to be the country’s top exports in February 2026 with total earnings of $4.23 billion or 57.7% of the total exports during the period. This was followed by machinery and transport equipment with an export value of $415.22 million (5.7%), and gold with $337.55 million (4.6%). These three groups also recorded the highest increments during the period.
By major type of goods, exports of manufactured goods contributed the largest with $5.96 billion or a share of 81.3%. Mineral products followed with $615.26 million (8.4%), and total agro-based products, which contributed $608.06 million (8.3%).
In terms of imports, electronic products remained the commodity group with the biggest sales of $2.99 billion or a share of 27.1% to total imports. In second place was mineral fuels, lubricants and related materials at $1.46 billion (13.3%), and transport equipment at $918.59 million (8.3%).
By major type of goods, imports of capital goods accounted for the largest share of imports in February 2026, sharing $4.15 billion or 37.7%. This was followed by raw materials and intermediate goods with a share of $3.22 billion (29.3%), and consumer goods with an import value of $2.14 billion (19.4%).
By major trading partner, exports to USA comprised the highest export value amounting to USD 1.41 billion or a share of 19.3 percent to the country’s total exports in February 2026.
China remains the country’s largest supplier of imported goods valued at $3.12 billion or 28.4% of the country’s total imports in February 2026.
The four other top import sources for the period were South Korea, $1.37 billion; Japan, $933.36 million; Indonesia, $772.49 million; and the US, $606.95 million.
The US, meanwhile, was the top export destination with a share of $1.41 billion or 19.3% of the total in February.
It was followed by Hong Kong, $1.17 billion; Japan, $986.44 million; China, $663.71 million; and the Netherlands, $328.00 million.
