Philippine exports hit fresh USD 8.17 billion record

Philippine export sales surged to USD 8.17 billion in March 2026, the highest monthly performance on record since the Philippine Statistics Authority’s International Merchandise Trade Statistics series began in 1991.

The March figure rose 20.4% from USD 6.78 billion in the same month last year, reflecting sustained export momentum supported by demand in key sectors, particularly electronics.

From January to March 2026, total exports reached USD 22.70 billion, up 12.7% from USD 20.14 billion in the same period last year.

The Department of Trade and Industry said the first-quarter performance marked the second-highest quarterly growth in more than four years, or since the second quarter of 2021.

PSA data also showed the January-to-March export total was the highest year-to-date level since the IMTS series began in 1991.

Trade Secretary Cristina Roque said the government’s push for higher-value products in key sectors, along with targeted efforts to diversify markets, is helping propel the export sector forward.

“March’s export performance demonstrates that the government’s drive towards higher value products in high-performing industries like electronics while expanding market opportunities with targeted and strategic trade and investment promotion initiatives are helping exporters adapt to evolving global conditions and translating to export gains,” Secretary Roque said.

Electronic products remained the country’s top export in March, with sales reaching USD 4.82 billion and accounting for 59% of total exports.

Machinery and transport equipment followed with USD 407.22 million, while other manufactured goods reached USD 402.73 million.

Industry sources said the continued strength of electronics exports was supported by global demand for semiconductor components and devices used in emerging technologies such as artificial intelligence, the Internet of Things, and electric vehicles.

The performance also highlighted the Philippines’ role in global electronics value chains, particularly in assembly, testing, and packaging services.

Despite global trade uncertainties, including developments in the Middle East, the Semiconductor and Electronics Industries in the Philippines Foundation Inc. projects the industry to grow by around 5% in 2026 and exceed USD 50 billion in exports.

Non-electronic exports posted mixed results, reflecting shifts in global demand across industries.

Growth was supported by machinery and transport equipment, mineral-based products, and gold, driven by continued industrial activity and demand for raw materials.

Some traditional export items, including other manufactured goods and coconut oil, recorded declines, indicating softer demand in selected markets.

The United States remained the Philippines’ largest export destination in March, with shipments reaching USD 1.40 billion.

Hong Kong followed with USD 1.30 billion, while exports to Japan reached USD 962.41 million.

China retained its spot as the fourth-largest export market with USD 956.77 million, while export earnings from Taiwan reached USD 393.14 million.

Shipments to these major markets posted double-digit growth rates, according to the DTI.

In the agro-based sector, industry stakeholders reported generally stable demand across key markets, although some products may be affected by supply-side and logistics constraints.

Processed fruits, particularly tropical varieties, continued to see steady demand despite raw material challenges affecting specific products such as calamansi.

Coconut-based products remained supported by food manufacturing demand and growing global interest in plant-based and dairy-free alternatives, although supply-side factors continued to affect coconut oil exports.

Some exporters also reported declines in shipments to the Middle East, particularly bananas, because of maritime shipping disruptions linked to ongoing geopolitical tensions in the region.

The DTI said it continues to monitor global developments that may affect trade and logistics, including the ongoing conflict in the Middle East.

While exports have remained resilient, the agency said it is assessing and addressing potential risks that may affect specific sectors and markets.

The DTI said it is working with industry stakeholders to help exporters navigate possible disruptions through market diversification, shifts to domestic and other export markets, supply chain adjustments, and timely market intelligence on viable alternative routes.

The DTI is also working with Small Business Corp. on the rollout of the PHP 3 billion Export Business Expansion Fund, which will provide financial support to micro, small, and medium enterprises affected by the ongoing Middle East crisis.

Under the fund, exporters may secure loans of up to PHP 20 million, payable for up to five years with a one-year grace period.

The financing facility is intended to help exporters secure markets through business expansion, increased production capacity, and modernization activities to strengthen competitiveness and scale globally.

More information on Philippine exports is available through Tradeline Philippines or the DTI-Export Marketing Bureau.