The Philippines posted record-breaking trade figures in March 2026, with both exports and imports hitting all-time highs driven largely by strong demand for electronic products, according to data released Thursday by the Philippine Statistics Authority (PSA).
Merchandise exports jumped 20.4 percent year-on-year to US$8.17 billion, surpassing the previous peak and marking the highest level since official records began in 1991. Imports also reached a new milestone, rising 12.3 percent to $12.68 billion compared to the same period last year.
The combined performance pushed total external trade to $20.85 billion in March, up 15.3 percent annually. However, the stronger growth in imports resulted in a trade deficit of $4.51 billion for the month.
Electronic products remained the dominant driver of trade activity. Exports of the sector rose by $1.20 billion year-on-year to $4.82 billion, accounting for 59 percent of total outbound shipments. Other major export categories included machinery and transport equipment, as well as other manufactured goods.
On the import side, electronics also led growth, increasing by $1.14 billion to$3.71 billion. This was followed by mineral fuels and lubricants at $2.00 billion and transport equipment at $897.50 million.
The United States was the Philippines’ top export market in March, receiving $1.40 billion worth of goods, or 17.1 percent of total exports. Other key destinations included Hong Kong, Japan, China, and Taiwan.
For imports, China remained the country’s largest supplier, with shipments valued at US$3.50 billion. It was followed by South Korea, Japan, Indonesia, and the United States.
Despite the monthly trade deficit, year-to-date figures show continued growth momentum. From January to March 2026, total exports reached $22.70 billion, up 12.7 percent from a year earlier, while imports rose 8.9 percent to $35.50 billion.