THE Philippines’ trade deficit widened to a record US$31.36 billion in the first half of 2026, as imports grew faster than exports amid strong demand for electronic products, fuels and capital goods, according to the Philippine Statistics Authority (PSA).
The deficit was 28.1 percent larger than the $24.48-billion gap recorded in the same period last year and was the biggest since the PSA’s trade series began in 1991.
Total external trade in goods reached a record $124.92 billion, up 16.6 percent from $107.10 billion a year earlier.
Imports accounted for 62.6 percent of total trade, while exports made up the remaining 37.4 percent.
Import payments rose 18.8 percent to $78.14 billion in January to June from $65.79 billion a year earlier, marking the highest first-semester import value on record.
Electronic products led the increase, with imports rising by $9.16 billion, followed by mineral fuels, lubricants and related materials, which increased by $2.56 billion. Imports of cereals and cereal preparations also rose by $470.1 million.
Electronic products remained the country’s largest import category at $23.76 billion, or 30.4 percent of total imports, followed by mineral fuels at $11.12 billion and transport equipment at $5.45 billion.
Exports
Exports, meanwhile, increased 13.2 percent to a record $46.78 billion from $41.31 billion a year earlier.
Electronic products continued to dominate exports, generating $26.12 billion, or 55.8 percent of total export earnings. Machinery and transport equipment followed with $2.49 billion, while gold exports reached $2.22 billion.
The United States remained the Philippines’ biggest export market, accounting for $8.45 billion, or 18.1 percent of total exports. Hong Kong followed with $7.11 billion, Japan with $5.78 billion, China with $5.21 billion and Singapore with $2.21 billion.
China, meanwhile, remained the country’s largest source of imports, supplying $23.23 billion, or 29.7 percent of total imports. South Korea, Japan, Indonesia and the US completed the top five suppliers.
The PSA said the latest figures bring the country’s first-semester trade to its highest level since comparable records began in 1991. / KOC