-
The Philippines recorded a trade deficit of $5.48 billion in May, up 50.5% year-on-year as imports continued to post a double-digit increase
-
The latest trade deficit is, however, narrower than $6.429 billion recorded in April
-
Total external trade sustained its growth streak for the 17th consecutive month, growing 16.1% to $21.23 billion
-
Imports advanced 21.9% year-on-year in May to $13.36 billion
-
Exports posted a 7.6% year-on-year increment to $7.87 billion
-
Total imports and exports from January to May 2026 were the highest first five months period value since 1991
The Philippines recorded a trade deficit of $5.48 billion in May 2026, up 50.5% year-on-year as imports continued to post a double-digit increase, based on preliminary data from the Philippine Statistics Authority.
The latest deficit is, however, lower than $6.429 billion posted in April.
Total external trade sustained its growth streak for the 17th consecutive month, reaching $21.23 billion in May, up 16.1% from $18.28 billion year-on-year. The total external trade in May was the highest recorded since March 2026 with $21.42 billion.
Imports, which accounted for 62.9% of the total, maintained a double-digit growth for the fourth month in a row in May, growing 21.9% year-on-year to $13.36 billion.
From January to May 2026, imports grew 16.2% year-on-year to $63.11 billion, the highest import value for the first five month period since PSA started the international merchandise trade series in 1991.
Imports of electronic products – the country’s top commodity group – continued to record the highest increment in May 2026, followed by imports of mineral fuels, lubricants and related materials, and telecommunication equipment and electrical machinery.
Exports
Exports likewise continued to record growth for the 17th straight month, albeit one of the slowest, in May 2026. Exports posted a 7.6% year-on-year increment to $7.87 billion in May 2026.
From January to May 2026, exports rose 10.6% to $37.87 billion, which was also the highest first five month period value recorded since the series began in 1991.
Electronic products also recorded the highest export bill increase in May 2026, followed by exports of machinery and transport equipment, and other mineral products.
Moreover, these three commodity groups were the top export products in terms of sales. Electronic products continued to be the country’s top export commodity in May, accounting for 54.6% or $4.30 billion of the total during the period. It was followed by machinery and transport equipment with $441.61 million (5.6%), and other mineral products with $406.78 million (5.2%).
In terms of imports, electronic products still accounted for the largest share of 34.7% or $4.63 billion, followed by mineral fuels, lubricants and related materials with $1.75 billion (13.1%), and transport equipment at $806.83 million (6%).
By major type of goods, imports of raw materials and intermediate goods accounted for the biggest share of 40.9% or $5.46 billion. Capital goods was next with $3.73 billion (28.0%), and consumer goods with $2.37 billion (17.7%).
For exports, manufactured goods were the top contributor with $6.16 billion or a share of 78.2%. This was followed by mineral products with $791.23 million (10%), and total agro-based products, which contributed $698.78 million (8.9%).
READ: PH trade gap surges 49.8% in April with higher import growth
China was still the country’s largest supplier of imported goods valued at $4.23 billion or 31.7% of the total imports in May 2026.
Other top import sources for May were South Korea, $1.76 billion; Indonesia, $858.79 million; Malaysia, $813.09 million; and Japan, $806.32 million.
The U.S., on the other hand, was the top export destination, accounting for $1.35 billion or a share of 17.2% of the total export bill in May 2026.
The four other top export trading partners in May were Hong Kong, $1.20 billion; Japan, $1.03 billion; China, $905.20 million; and Singapore, $442.55 million.
