Exports surge ahead of US tariffs

Philippine exporters continued to front-load outbound shipments in July before the higher United States (US) tariffs take effect, bringing end-July export sales to a record high of $48.6 billion.

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National Statistician Claire Dennis S. Mapa told Manila Bulletin on Friday, Aug. 29, that the first seven months of 2025 yielded the highest-ever merchandise exports for the January to July period since 1991.

As for imports, Mapa said the $77.1 billion as of end-July 2025 was the second highest, only exceeded by the $80.6 billion recorded during the first seven months of 2022.

In an Aug. 28 report, Oxford Economics economist Sheana Yue said that the strength in Asian exports in July “possibly reflects an additional surge in front-loaded orders due to the extension of tariff suspensions.”

“But this resilience is likely to diminish in the upcoming months,” Yue said, as front-loading tapers off.