The Philippines’ total external trade in goods went up by 16.1 percent to USD 21.23 billion in May this year from USD 18.28 billion last year, according to the Philippine Statistics Authority (PSA).

Data released Tuesday showed that of the total external trade during the month, 62.9 percent were imported goods while the remaining 37.1 percent were exported goods.

The balance of trade in goods, or the difference between the value of exports and imports, meanwhile, recorded a deficit of USD 5.48 billion.

Exports rose by 7.6 percent year-on-year to USD 7.87 billion, mainly driven by higher exports of electronic products, machinery and transport equipment, and other mineral products.

The PSA said exports of electronic products recorded an increase of USD 458.57 million, machinery and transport equipment with an annual increase of USD 149.50 million, and other mineral products with an annual increment of USD 94.38 million.

By commodity group, electronic products also continued to be the country’s top exports in May 2026 with total earnings of USD 4.30 billion, accounting for about 54.6 percent of the country’s total exports.

The United States, Hong Kong, Japan, the People’s Republic of China, and Singapore were the top export destinations in May.

Imports, on the other hand, recorded a double-digit growth of 21.9 percent to USD 13.36 billion from USD 10.96 billion in May 2025.

Electronic products recorded the highest import value amounting to USD 4.63 billion, followed by mineral fuels, lubricants and related materials at USD 1.75 billion, and transport equipment at USD 806.83 million.

The People’s Republic of China was the biggest source of imported goods in May. Other top sources of imports include the Republic of Korea, Indonesia, Malaysia, and Japan. (PNA)