February trade deficit at 9-month low

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

March 28, 2026 | 12:00am

MANILA, Philippines — The Philippines posted a $3.68-billion trade deficit in February, the lowest in nine months, as imports grew at a faster pace than exports, according to the Philippine Statistics Authority.

Preliminary PSA data showed that the balance of trade in goods – the difference between exports and imports value – amounted to a $3.68-billion deficit in February, 23 percent higher than the $2.99 billion shortfall in the same month last year, but lower than the $4.27 billion gap in the previous month.

The February trade deficit was the lowest recorded since May 2025 when the shortfall was at $3.64 billion.

For the first two months of the year, the trade deficit went up slightly to $7.96 billion from $7.95 billion in the same period last year.

Philippine export sales continued to grow in February, increasing by eight percent to $7.33 billion from $6.79 billion in the same month last year. 

“The export sales in February 2026 were the highest recorded since October 2025 with $7.45 billion,” the PSA said.

Electronic products continued to be the country’s top exported item in February, with total earnings rising by 20.5 percent to $4.23 billion from $3.51 billion in the same month last year.

The United States was the top destination for Philippine exports, accounting for $1.41 billion or 19.3 percent of the total pie during the month.

As of end-February, Philippine exports amounted to $14.47 billion, 8.3 percent higher than the $13.36 billion in the same period last year.

The PSA said the exports value for the first two months of the year was the highest recorded since the series began in 1991.

Trade Secretary Cristina Roque said the latest exports performance shows the continued demand for key sectors, including electronics.

“The government remains committed to ensuring the sustained growth of the semiconductors and electronics industry by effectively implementing our industry roadmap. At the same time, we will continue to pursue opportunities to expand market access and support exporters in adapting to dynamic global developments,” she said.

 Goods imported by the Philippines grew by 12.6 percent to $11.01 billion in February from $9.78 billion in the same month last year. 

The February import value was the lowest since November last year when it amounted to $10.89 billion.

By commodity group, electronic products had the highest import value in February, amounting to $2.99 billion, up by 39 percent from $2.14 billion last year.

China was the top source of the Philippines’ imported goods, accounting for $3.12 billion or 28.4 percent.

From January to February, Philippine imports rose by 5.3 percent to $22.43 billion from $21.31 billion in the same period last year.

Given the ongoing Middle East conflict and other global developments, the Department of Trade and Industry is closely monitoring potential impacts on trade and logistics.