FX.co ★ Philippine Exports Growth Slows in July

Philippine exports rose by 10.8% year-on-year to USD 8.1 billion in July 2026, easing from a sharply upwardly revised and one-year high 25% expansion in June. The moderation in growth was mainly due to weaker overseas sales of other mineral products (-30.3%), ignition wiring sets and other wiring sets used in vehicles, aircraft, and ships (-10.3%), chemicals (-18.3%), and bananas (-13%).

These declines were partly offset by stronger exports of electronic products, which remained the country’s leading export commodity. Electronics accounted for 58.8% of total exports and climbed 22.2%, driven by a 26.1% increase in semiconductor components.

By destination, exports to the United States—the Philippines’ largest export market with an 18.5% share of total shipments—surged 45.1%. Shipments also increased to Hong Kong (+15.4%), China (+9.7%), Singapore (+29.8%), and Taiwan (+14.6%), while exports to Japan and the Netherlands declined by 14.1% and 9.8%, respectively.

For the January–July period, total exports rose 12.9% to USD 54.9 billion.