US slips to Hong Kong as top export market; China remains No. 1 source of imports
Philippine merchandise exports grew at their slowest pace so far this year in August, as United States (US) tariffs took effect and exporters’ front-loading of outbound shipments ended.
The latest preliminary Philippine Statistics Authority (PSA) data on Tuesday, Sept. 30, showed that the 4.6-percent year-on-year goods exports growth in August was the weakest expansion since the 1.9-percent decline recorded in December 2024.
Shipments of Philippine-made products abroad increased by 9.6 percent year-on-year in January, 12.8 percent in February, 8.7 percent in March, 7.6 percent in April, 15.5 percent in May, 26.9 percent in June, and 17.6 percent in July—the seven months leading to the 19-percent tariff slapped by the U
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