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.

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.

Preliminary Philippine Statistics Authority (PSA) data showed that the country’s export sales rose to $7.3 billion in July, up 17.3 percent from a year earlier, following a 26.9-percent increase in June and a modest 0.1-percent gain in July last year.

From January to July, total goods exports grew 13.9 percent from $42.7 billion in the same period of 2024.

In July alone, electronic products posted the largest annual increase in export value, amounting to $671.7 million.

This was trailed by other mineral products, which grew by $298.3 million, and gold, which rose by $133.3 million.

In addition, PSA data showed that merchandise exports to the US recorded the highest value in July, growing by 9.7 percent year-on-year to $1.2 billion.

This was followed by Hong Kong, with exports in July rising by 49.7 percent to $1.1 billion; Japan, up 14.2 percent to $996.4 million; China, up five percent to $832.6 million; and the Netherlands, up 38.6 percent to $317.25 million.

PSA data also showed that by economic bloc, most of the country’s merchandise exports in July went to Asia-Pacific Economic Cooperation (APEC) members, totaling $6.1 billion or 82.8 percent of overall exports.

This was followed by East Asia with $3.5 billion (47.8 percent), and countries that are part of the Regional Comprehensive Economic Partnership (RCEP) free-trade agreement (FTA) with $3.3 billion (45.5 percent).

The PSA added that by region, East Asia recorded the largest export value in July at $3.5 billion (47.8 percent), followed by North America with $1.2 billion (16.6 percent) and Southeast Asia with over $1 billion (14 percent).

PSA data showed that total imports in July reached $11.4 billion, up 2.3 percent from $11.1 billion in the same month last year.

At end-July, cumulative imports rose 6.1 percent from $72.6 billion a year ago.

The PSA reported that China was the country’s leading source of imports in July, growing by 10.4 percent to $3.4 billion, which accounted for 29.9 percent of total imports that month.

From January to July, cumulative imports from China grew 17.6 percent to nearly $22 billion, accounting for 28.5 percent of the seven-month total.

The Philippines is a net importer of the products it consumes.

(Ricardo M. Austria)