H1 goods exports surge to record-high $41B

Philippine goods exports climbed 13.2 percent year-on-year to a record $41.24 billion in the first six months of 2025 as exporters front-loaded shipments ahead of the 19-percent tariff to be imposed by the United States (US), the country's top export market.

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National Statistician Claire Dennis S. Mapa confirmed to Manila Bulletin on Wednesday, July 30, that the end-June merchandise exports level is the highest first-semester exports since 1991, based on historical Philippine Statistics Authority (PSA) data.

In the month of June alone, sales of Philippine-made products abroad jumped 26.1 percent year-on-year to $7.02 billion, the latest preliminary PSA data showed.

From January to June, the US remained as the Philippines’ No. 1 export destination, with a cumulative $6.6 billion, up 13.2 percent year-on-year. In June, Philippine exports to the US soared 35.2 percent year-on-year to $1.21 billion.

The US is the destination of about 16-17 percent of total exports.

A hastily made visit to Washington by President Ferdinand Marcos Jr. last week to negotiate the 20-percent tariffs earlier threatened by US President Donald Trump slightly brought down the rate to be slapped on Philippine exports to America to 19 percent, taking effect on Aug. 1.

During his “Liberation Day” announcement back in April, Trump wanted to impose a reciprocal tariff of 17 percent on the Philippines, lower than what was agreed upon with Marcos.

The first-half merchandise export performance came despite the Cabinet-level Development Budget Coordinating Committee’s (DBCC) pessimistic expectations last month, projecting goods exports to decline by two percent in 2025 “largely due to slower global demand and heightened trade policy uncertainties.”