Trade deficit swells to widest level in H1
The country’s trade gap hit its highest level in the first semester as imports growth outpaced exports, according to the Philippine Statistics Authority.
Manila, Philippines — The Philippine trade gap widened significantly in the first half of 2026, reaching its largest deficit since records began in 1991, according to revised data from the Philippine Statistics Authority (PSA). The balance of trade in goods (BoT-G) showed a $31.36-billion deficit, a 28% increase from the $24.48-billion shortfall in the same period the previous year. The PSA emphasized that this was the highest deficit ever recorded in the first semester of any year.
In terms of export sales, the country's goods exports rose by 13% to $46.78 billion in the first half of 2026, surpassing the $41.31 billion recorded in the same period last year. Electronic products continued to be the leading exported commodity, contributing $26.12 billion, or 56%, of the total exports. The United States was the primary market for Philippine exports, accounting for $8.45 billion, or 18%, of the total exported goods.
On the import side, the value increased by 19% to $78.14 billion, also the highest since the series started in 1991. Electronic products accounted for the largest import value of $23.76 billion, or 30%, of the total imports. China was the main supplier, providing $23.23 billion, or 30%, of the country's imports during the first semester. The Philippine government is currently seeking more free trade agreements to broaden its export market.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
