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The country’s trade deficit recorded a 34.9% increase in July 2026, with import growth outpacing export expansion
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Total external trade grew for the 19th month in a row in July by 16.3% to $22.27 billion, as imports increased 19.8% to $14.12 billion while exports rose 10.8% to $8.15 billion
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The January-July 2026 imports and export figures were the highest seven-month figures recorded since PSA started its trade series in 1991
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Electronic products continued to be the country’s top import and export commodity while also recording the highest increase amongst commodity groups for July
The country’s trade deficit recorded a 34.9% increase in July 2026, with import growth outpacing export expansion, according to preliminary data from the Philippine Statistics Authority (PSA).
The balance of trade in July amounted to US$-5.97 billion, indicating a trade deficit with an annual increment of 34.9%, higher than the 25% and 9.2% hike in June 2026 and July 2025, respectively.
For the 19th month in a row, the country’s total external trade in goods grew 16.3% to $22.27 billion in July from $19.14 billion in the same month last year.
Accounting for 63.4% of the total were imports, which increased 19.8% to $14.12 billion from $11.79 billion. It was also the sixth consecutive month of growth for imports, with electronic products, mineral fuels, lubricants and related materials; and cereals and cereal preparations recording the highest growth amongst the commodity groups.
From January to July 2026, imports likewise rose 18.9% year-on-year to $92.26 billion, the highest seven-month figure recorded since PSA’s international merchandise trade series began in 1991.
Exports likewise continued to record double-digit growth, expanding for the 19th month in a row in July by 10.8% to $8.15 billion from $7.36 billion in July 2025.
Electronic products, gold, and electronic equipment and parts posted the highest increases in export sales for the period.
For January to July 2026, exports were 12.9% up year-on-year to $54.92 billion, also the highest seven-month figure since 1991.
Among the commodity groups, electronic products continued to be the country’s top import and export commodity.
Imports of electronic products in July reached $4.60 billion, sharing 32.6% of the total import bill. It was followed by mineral fuels, lubricants and related materials with $1.95 billion (13.8%), and transport equipment with $976.95 million (6.9%).
Electronic products also accounted for 58.8% or $4.79 billion of the total exports in July. Other top export commodities were other manufactured goods with $371.46 million (4.6%), and other mineral products with $366.26 million (4.5%).
By major type of goods, exports of manufactured goods contributed the largest to the total exports in July 2026, posting $6.61 billion or a share of 81.1%. Mineral products followed with $776.61 million (9.5%), and total agro-based products, which contributed $548.95 million (6.7%).
In terms of imports, raw materials and intermediate goods accounted for the biggest share with $5.71 billion or 40.4%. This was followed by capital goods with a share of $3.84 billion (27.2%), and consumer goods with $2.58 billion (18.3%).
China remained the country’s largest supplier of imported goods valued at $4.17 billion or 29.5% of the total in July 2026. Other top import trading partners for the month were South Korea ($1.80 billion); Japan ($1.11 billion); Indonesia ($807.75 million); and the U.S. ($766.61 million).
The country’s top export destination in July, meanwhile, was the U.S., which recorded $1.68 billion or a share of 20.7%.
Other top export destinations for July were Hong Kong ($1.29 billion); China ($919.82 million); Japan ($856.60 million); and Singapore ($401.17 million).
