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The country’s trade deficit dropped 17.8% in the first month of 2026 as exports continued to record growth while imports declined
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Total external trade in January increased slightly to $18.24 billion, while imports dropped 3.1% to $11.4 billion
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Exports posted an increase for the 13th consecutive month in January, improving 7.9% to $7.09 billion
The country’s trade deficit dropped 17.8% in the first month of 2026 as exports continued to record growth while imports declined, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in goods in January 2026 amounted to US$-4.05 billion, posting a trade deficit of with an annual drop of 17.8%.
Total external trade in January increased slightly to $18.24 billion from $18.07 billion in the same month last year and the highest recorded since October 2025’s $19.09 billion.
Imports, which accounted for 61.1% of the total, declined 3.1% year-on-year to $11.14 billion, but were still the highest recorded since October 2025 with $11.64 billion.
Exports, on the other hand, posted an increase for the 13th consecutive month in January, improving 7.9% to $7.09 billion. The export sales in January 2026 was also the highest recorded since October 2025 with $7.45 billion.
READ: PH trade deficit drops 15% in Dec on strong exports growth
Amongst the commodity groups, electronic products remained as the country’s top import and export commodity in terms of value. Imports of electronic products accounted for $2.99 billion or a share of 26.8% to the total. It was followed by imports of mineral fuels, lubricants and related materials at $1.21 billion (10.9%), and transport equipment at $877.92 million (7.9%).
Exports of electronic products earned $4.01 billion or 56.5% of the total, while also recording the highest increment amongst the commodity groups during the period. The other top exports were gold with $488.84 million (6.9%), and machinery and transport equipment with $383.18 million.
By major type of goods, exports of manufactured goods contributed the largest to the total with $45.63 billion or a share of 79.3%. Mineral products came second with $732.32 million (10.3%), and total agro-based products, which contributed $573.84 million (8.1%).
For imports, raw materials and intermediate goods accounted for the biggest share to total with $3.87 billion (34.7%). This was followed by capital goods with $3.77 billion (33.9%), and consumer goods with an import value of $2.24 billion (20.1%).
China remained the country’s top supplier, recording $3.26 billion or 29.2% of the total import bill. Other top sources were South Korea, $1.25 billion; Japan, $928.05 million; Indonesia, $790.47 million; and the U.S., $653.25 million.
The top trading partner in terms of exports in January, meanwhile, was the U.S. with $1.16 billion or a share of 16.4% to the total export bill. Completing the top five export trading partners for the month were Hong Kong, $1.12 billion; Japan, $871.73 million; China, $691.80 million; and South Korea, $391.75 million.
