Trade shortfall hits 6-month high in March

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May 1, 2026 | 12:00am

MANILA, Philippines — The country’s trade gap in goods widened to a six-month high in March even as it was nearly unchanged from a year ago, according to the Philippine Statistics Authority.

Preliminary PSA data showed that the balance of trade in goods – the difference between the value of exports and imports – amounted to a $4.51-billion deficit in March, up by 0.1 percent from the same month last year.

The March trade gap was also bigger than the $4.01 billion shortfall in February.

In addition, it was the highest deficit recorded since September 2025, when it amounted to $4.67 billion.

From January to March, the trade deficit widened to $12.81 billion from $12.46 billion in the same period last year.

PSA data also showed that Philippine export sales rose to their highest level in March.

In particular, export sales went up by 20 percent to $8.17 billion in March from $6.78 billion in the same month last year.

The PSA said this “was the highest recorded since the series began in 1991.”

Electronic products remained the country’s top exports, accounting for $4.82 billion, or 59 percent of total exports, in March.

In terms of the Philippines’ export markets, the United States remained the top destination, with $1.40 billion or 17 percent of the total in March.

For the first quarter, exports climbed by 13 percent to $22.70 billion from $20.14 billion in the same period last year.

Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis Jr. said in a telephone interview that it is unclear whether the growth will continue in the coming months, given the impact of the Middle East crisis on fuel and imported input costs.

“It is very hard to say now if this (growth) will continue,” he said.

Citing a survey conducted by Philexport, he said some members have reported buyers’ requests to postpone shipments.

Meanwhile, imports grew by 12 percent to $12.68 billion in March from $11.29 billion in the same month last year.

This was also the highest recorded level of imports since the series began in 1991.

Electronic products had the highest import value in March, totaling $3.71 billion, or 29.2 percent of the country’s total imports.

China remained the country’s largest supplier of imported goods valued at $3.50 billion or 27.6 percent of the country’s total imports in March.

From January to March, total imports rose by 8.9 percent to $35.50 billion from $32.60 billion in the same quarter last year.