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The country’s trade deficit recorded a slight increase of 0.1% in March 2026 with exports registering a double-digit growth for the first time this year while imports also went up
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Total external trade in March 2026 grew 15.3% to $20.85 billion, the highest monthly figure recorded since the PSA international merchandise trade series began in 1991
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Imports increased 12.3% year-on-year to $12.68 billion while exports continued its growth streak for the 15th consecutive month with a 20.4% increment to $8.17 billion
The country’s trade deficit recorded a slight widening in March 2026 with exports registering a double-digit growth for the first time this year while imports also went up, according to preliminary data from the Philippine Statistics Authority (PSA).
The balance of trade in goods in March 2026 amounted to US$-4.51 billion, indicating a trade deficit with an annual increase of 0.1%, significantly down from the 32.4% increment in February 2026.
Total external trade in March 2026 grew 15.3% to $20.85 billion from $18.07 billion in March 2025, and was also the highest monthly figure recorded since the PSA international merchandise trade series began in 1991, owing to record-high import and export figures.
Imports, which accounted for 60.8% of the total, increased 12.3% year-on-year to $12.68 billion, also the highest recorded since the series began in 1991.
With this, the January-March 2026 import bill of $35.50 billion was also the highest recorded for the period since 1991. It was also 8.9% higher than the $32.60 billion in January-March 2025.
READ: Feb trade deficit up after 7 months of decline
Exports amounted to $8.17 billion, up 20.4% year-on-year and was likewise the highest recorded since 1991. It was also the 15th straight month of increases for exports.
For the first quarter, exports also registered its highest recorded sales for the period since 1991 to $22.70 billion, which was also 12.7% higher than the $20.14 billion in January to March 2025.
By commodity group, electronic products continued to be the country’s top exports in March 2026 with total earnings of $4.82 billion or 59% of the total during the period.
Machinery and transport equipment followed with $407.22 million (5.0%), and other manufactured goods with $402.73 million (4.9%).
In terms of imports, electronic products was also the top commodity with $3.71 billion or a share of 29.2% It was followed by mineral fuels, lubricants and related materials at $2 billion (15.8%), and transport equipment at $897.50 million (7.1%).
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share with $4.60 billion or 36.3%. Capital goods was next with a share of $3.83 billion (30.2%), and consumer goods with an import value of $2.19 billion (17.2%).
For exports, manufactured goods contributed the largest in March 2026 with $6.64 billion or a share of 81.3%. Other top contributors were mineral products with $782.22 million (9.6%), and total agro-based products with $572.82 million (7%).
China remained the country’s largest supplier of imported goods valued at $ .50 billion or 27.6% of the total imports in March 2026. Other top trading partners for imports were South Korea ($1.43 billion); Japan ($1.07 billion); Indonesia ($900.73 million); and USA ($804.23 million).
The U.S., meanwhile, was the top export destination in March 2026 accounting for $1.40 billion or a share of 17.1%.
Other top destinations were Hong Kong ($1.30 billion); Japan ($962.41 million); China ($956.77 million); and Taiwan ($393.14 million).
