The Philippine economy experienced a mixed start to 2026 regarding international trade, with exports declining by 0.9% in January, reaching a total of USD 7.29 billion. Meanwhile, imports surged to USD 11.25 billion, according to the latest report from the Philippine Statistics Authority.
Preliminary data indicates that the total value of exports fell from USD 7.36 billion in December 2025 to USD 7.29 billion in January 2026. The drop in exports was primarily driven by a 1.5% decline in manufactured goods, which totaled USD 5.82 billion. Additionally, agro-based products saw a significant decrease of 16.6%, amounting to USD 599.93 million. In contrast, mineral products demonstrated remarkable growth, experiencing a 45% increase to USD 782.53 million, up from USD 539.83 million the previous month.
Seasonal demand for certain goods likely contributed to the overall decline in exports, particularly in the major categories of manufactured and agro-based products. However, stability was observed in the forest and petroleum products sectors, indicating a complex landscape for Philippine exports.
On the other hand, imports showed a slight upward trend, with total goods brought into the country rising by 0.7% from USD 11.17 billion in December to USD 11.25 billion in January. The increase was driven by a 3.5% rise in raw materials and intermediate goods, reaching USD 3.91 billion. Furthermore, capital goods saw a 2.1% increase, amounting to USD 3.69 billion, while consumer goods edged up modestly by 0.4% to USD 2.26 billion.
The growth in capital goods imports was attributed to seasonal demand, whereas other categories exhibited tempered growth. Notably, mineral fuels and related products did not show any seasonal impact, reflecting ongoing dynamics in the global supply chain.
These trade figures underscore the Philippines” continuing reliance on imports to fulfill domestic needs, while the uneven performance of exports highlights persistent challenges in managing the country”s trade balance as the new year unfolds.
