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The country’s trade deficit surged 49.8% in April 2026, the highest deficit since August 2022, as imports posted a double-digit increment while export growth softened during the period amid evolving global trade conditions
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Total external trade in goods grew 16.1% to $20.38 billion, maintaining its growth streak for the 16th month in a row
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Imports increased 22.4% year-on-year to $13.17 billion, its third consecutive month of improvement and the highest growth so far this year
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Exports increased 6.3% to $7.21 billion in April, its 16th consecutive month of sustained growth
The country’s trade deficit surged 49.8% in April 2026, the highest deficit since August 2022, as imports posted a double-digit increment while export growth softened during the period amid evolving global conditions, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in goods in April 2026 amounted to US$-5.97 billion, the highest since August 2022’s $-5.99 billion.
Total external trade in goods, meanwhile, grew 16.1% to $20.38 billion from $17.55 billion in April 2025, maintaining its growth streak for the 16th month in a row.
Imports, which accounted for 64.6% of total trade in April, increased 22.4% year-on-year to $13.17 billion, its third consecutive month of improvement and the highest growth so far this year.
Among the commodity groups, electronic products recorded the highest growth in April, followed by mineral fuels, lubricants and related materials, and feeding stuff for animals.
From January to April 2026, imports expanded 13.5% to $49.22 billion from $43.36 billion in the same period last year.
Exports
Exports in April 2026 increased 6.3% to $7.21 billion from $6.78 billion in April 2025, lower than 20.8% increment in March 2026 and the lowest year-on-year growth since September 2025’s 5.5% increase. Still, this was the 16th consecutive month of sustained export growth.
For January to April 2026, the total export bill rose 11.2% year-on-year to $29.93 billion, marking the highest export earnings recorded for the first four months of the year in over four years.
Machinery and transport equipment had the highest annual increment in terms of exports in April 2026,followed by coconut oil and other mineral products.
Electronic products, on the other hand, continued to be the country’s top export commodity in April with total earnings of $3.44 billion or 47.7% of the total export bill during the period. This was followed by other mineral products with $458.95 million (6.4%), and machinery and transport equipment with $423.36 million (5.9%).
By major type of goods, exports of manufactured goods contributed the largest with $5.24 billion or a share of 72.7%. Mineral products came next with a share of $899.04 million (12.5%), and total agro-based products, which contributed $876.53 million (12.2%).
In terms of imports, electronic products were again the top contributor with $4.22 billion or a share of 32% to the total in April. In second place were mineral fuels, lubricants and related materials at $2.55 billion (19.4%), followed by transport equipment at $714.26 million (5.4%).
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of $5.03 billion or 38.2%. This was followed by capital goods with $3.68 billion (27.9%), and mineral fuels, lubricant and related materials with $2.55 billion (19.4%).
READ: PH trade deficit widens slightly in March 2026
China remained the country’s largest supplier of imported goods valued at $3.92 billion or 29.7% of the country’s total imports in April 2026. Other top import sources during the period were South Korea, $1.55 billion (11.8%); Japan, $959.69 million (7.3%); Malaysia, $790.13 million (6%); and Indonesia, $773.48 million (5.9%).
For exports, the U.S. was the top destination in April with $1.30 billion or a share of 18% of the total export bill during the period. The four other top export destinations were China, $926.66 million (12.9%); Japan, $914.64 million (12.7%); Hong Kong, $914.59 million (12.7%); and Singapore, $332.75 million (4.6%).
