The Philippines posted a record trade deficit of $31.36bn in the first half of 2026 as import growth outstripped exports, The Philippine Star reported on September 24.

The gap, based on revised figures from the Philippine Statistics Authority (PSA), was 28% wider than the $24.48bn shortfall registered in the same period a year earlier. The widening deficit comes as the Southeast Asian economy leans on foreign purchases of capital goods and electronic components, while Manila courts new free trade agreements to open markets for its own producers.

"The BoT-G in the first semester of 2026 was the highest deficit recorded since the series began in 1991," the PSA said, referring to the balance of trade in goods, the difference between exports and imports.

Exports of goods climbed 13% to $46.78bn from $41.31bn a year earlier. The PSA said that figure was also the highest half-year total since record-keeping started in 1991.

Electronic products remained the country's leading export, bringing in $26.12bn, or 56% of the six-month total.

The United States was the biggest buyer of Philippine goods, taking $8.45bn worth, or 18% of shipments in the January to June period.

Imports rose at a faster clip, gaining 19% to $78.14bn from $65.79bn in the first half of 2025. That too marked the highest level since the series began.

Electronic products topped the import list as well, at $23.76bn, accounting for 30% of total purchases from abroad in the first six months.

China stayed the country's largest supplier, shipping $23.23bn in goods to the Philippines, equivalent to 30% of total imports in the first semester. The Philippines is pursuing additional free trade agreements to widen the market for its exports.