The Philippines recorded a wider trade deficit in September 2026 as imports continued to outpace exports, despite strong growth in overseas sales, according to the Philippine Statistics Authority (PSA).
The country’s balance of trade in goods (BoT-G) reached a deficit of USD5.15 billion, representing a 10 percent increase from the same month in 2025. The shortfall was the largest since July 2026, when the trade deficit stood at USD6.35 billion.
The widening gap came as total imports climbed 26 percent year on year to USD 15.03 billion, surpassing export earnings of USD9.87 billion. Imports accounted for 60 percent of the country’s USD24.90 billion total external trade, while exports represented the remaining 40 percent.
Import growth was driven largely by electronic products, which recorded the highest import value among commodity groups at USD5.80 billion, equivalent to 39 percent of total imports. Mineral fuels, lubricants and related materialsfollowed at USD1.97 billion, or 13 percent, while transport equipment accounted for USD855.14 million, or 5.7 percent.
The increase in imports reflects the country’s substantial demand for foreign goods, particularly electronics and energy-related commodities. While these purchases may support domestic production and economic activity, their faster growth relative to exports has contributed to the persistent trade imbalance.
Exports nevertheless posted a stronger annual growth rate of 36 percent, reaching a record USD9.87 billion. Electronic products dominated shipments, accounting for 70 percent of export earnings.
However, cumulative figures underscore the challenge. From January to September 2026, imports reached USD121.11billion, up 20 percent, while exports totaled USD 73.95 billion, an increase of 17 percent.
The figures suggest that stronger exports have yet to offset the country’s growing dependence on imports.
