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The Philippines’ trade deficit recorded a slower expansion in June 2026 as export growth outpaced import increase during the period, according to preliminary data from the Philippine Statistics Authority
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Total external trade grew 21.3% to $22.48 billion, the highest recorded since PSA began its international merchandise trade series in 1991
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Both exports and imports saw double-digit growth
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Electronic products remained the country’s top commodity group, accounting for the biggest share in imports and exports, while also registering the highest year-on-year increases during the period
The Philippines’ trade deficit recorded a slower expansion in June 2026, as export growth outpaced import increase during the period, according to preliminary data from the Philippine Statistics Authority (PSA).
The balance of trade in June 2026 amounted to a US$4.94 billion deficit, indicating a 12.3% annual increment in trade deficit and was the fifth consecutive month of increase.
Total external trade likewise grew for the 18th straight month in June, recording $22.48 billion, 21.3% up from $18.53 billion in June last year.
PSA noted that total external trade in June 2026 was the highest recorded since the agency began its international merchandise trade series in 1991.
READ: PH trade deficit expands 50.5% to $5.48B in May
Imports, which accounted for 61% of the total in June, rose for the fifth straight month by 19.6% to $13.711 billion from $11.46 billion in the same month last year.
For the first half the year, imports saw a 17.8% improvement year-on-year to $77.53 billion, the highest recorded since 1991.
Commodities that recorded the highest growth in imports in June were electronic products, cereals and cereal preparations; and mineral fuels, lubricants and related materials.
After two months of slow down, exports grew double-digit in June, increasing 24.1% to $8.77 billion from $7.07 billion last year. PSA said export sales in June 2026 was also the highest recorded since 1991.
Similarly, exports from January to June 2026 jumped 13.1% year-on-year to $46.72 billion, the highest first six months figure for exports since 1991.
Export commodities that posted the highest increment in June were electronic products, gold, and electronic equipment and parts.
Electronic products also continued to be the top import and export commodity group, accounting for $4.77 billion or a share of 34.8% of total imports, and $5.25 billion or 59.9% of total exports.
Other top import commodity groups were mineral fuels, lubricants and related materials at $.62 billion (11.8% share) and transport equipment at $998.94 million (7.3%), while the two other top export commodity groups were mineral products with $414.85 million (4.7%), and other manufactured goods with $401.37 million (4.6%).
In terms of types of goods, imports of raw materials and intermediate goods still accounted for the largest share in June with $5.89 billion or a share of 42.9%, followed by capital goods with $3.62 billion (26.4%) and consumer goods with $2.54 billion (18.5%).
For exports, manufactured goods had the largest share of $7.21 billion or 82.2%, followed by mineral products with $754.98 million (8.6%), and total agro-based products with $575.11 million (6.6%).
China remained the country’s largest supplier of imported goods valued at $4.35 billion or 31.7% of the total in June 2026. Other top import sources were South Korea, $1.78 billion; Japan, $919.13 million; Indonesia, $912.63 million; and the U.S., $706.70 million.
In terms of exports, the U.S. was the country’s top export destination in June, accounting for $1.76 billion or a share of 20.1%. The four other top export destinations were Hong Kong, $1.34 billion; China, $1 billion; Japan, $990.16 million; and Singapore, $508.18 million.
