Philippine exports rose 27.8% year-on-year to USD 9.1 billion in August 2026, a two-year high and the strongest growth since April 2024, accelerating from a slightly upwardly revised 10.9% increase in July. Electronic products accounted for 68.1% of shipments and grew 59.9%, led by a 73.5% increase in semiconductor components; gold and other mineral products also increased. The United States was the largest export market with a 23.8% share, followed by Hong Kong, China and Japan. Imports rose 16.6% year-on-year to USD 13 billion, a six-month low, slowing from a revised 23% gain in July. Electronic products surged 61.4%, while mineral fuels, lubricants and related materials increased 38.6%; declines in industrial and machinery equipment, food, manufactured articles, and iron and steel limited growth. China supplied 22.7% of imports despite an 11.1% decline in shipments. The monthly trade deficit narrowed to USD 3.8 billion from USD 4.0 billion a year earlier, but the January-August gap widened to USD 41.6 billion from USD 32.9 billion.