Cebu's export sector posted a stronger performance in the first four months of 2026 despite the continued weakness of the Philippine peso and other global headwinds.
Export growth figures
Data from the Bureau of Customs and Philexport Cebu showed that the free-on-board value of Cebu's seafreight exports rose 13.4 percent to $239.3 million from $211 million in the same period last year. Export volume, measured in 20-foot equivalent units, increased 15.1 percent to 590.8 million from 513.4 million.
However, the number of export declarations declined to 2,468 from 2,728 a year earlier, while container shipments dropped to 3,989 from 4,584.
Exporters adapt to higher costs
Fred Escalona Jr., executive director of Philexport Cebu, said the results indicate that exporters have been able to adjust to rising costs and supply chain challenges brought about by the peso's depreciation.
"The results suggest that exporters are adapting effectively by identifying alternative sources of raw materials, whether imported or locally sourced, and by improving operational efficiencies to offset rising costs," Escalona said.
The peso breached the P60-per-dollar level in March and climbed to as high as P61.74 against the US dollar in late April, raising concerns over the increasing cost of imported raw materials and production inputs.
Mixed impact across industries
While a stronger dollar generally benefits exporters by increasing the peso value of export earnings, Escalona noted that many exporters also rely heavily on imported materials, making the impact less straightforward.
"Many exporters are also importers of raw materials and production inputs needed to manufacture export products," he said. "As a result, the greatest beneficiaries of a stronger dollar are exporters whose raw materials are sourced primarily from domestic suppliers."
Escalona said exporters in Cebu's creative industries, including furniture, gifts and home decor, fashion accessories and garments, have been among those most affected because they continue to import some of their materials. In contrast, exporters of food products, shellcraft, seaweed-based products and health and beauty products have experienced only limited effects from the weaker peso.
Resilience amid global pressures
Despite geopolitical tensions in the Middle East, higher oil prices and currency volatility, Escalona said Cebu's export sector has remained resilient.
"These pressures have thus far had only a modest impact on Cebu's export trade," he said.
Looking ahead, Escalona said the peso's direction will largely depend on external factors such as US interest rate movements, developments in the Middle East conflict and remittance inflows from overseas Filipino workers.
Outlook remains uncertain
He added that the Bangko Sentral ng Pilipinas has limited room to aggressively defend the peso through interest rate hikes, as doing so could dampen economic growth, business investments and consumer spending.
As the umbrella organization of exporters in Central Visayas, Philexport Cebu continues to encourage diversification, innovation and market adaptability among its members.
"Encouragingly, exporters have responded positively to these initiatives," Escalona said. "However, the outlook remains uncertain and continued volatility in global markets will require sustained vigilance, resilience and strategic flexibility from the export community."
National trade performance
Meanwhile, the country's total external trade in goods increased by 16.1 percent in April this year, according to preliminary data released by the Philippine Statistics Authority on Friday, May 29.
PSA data showed the country's total external trade in goods rose to $20.38 billion from $17.55 billion in April last year. Imports accounted for 64.6 percent of total trade, while exports comprised the remaining 35.4 percent. The balance of trade in goods posted a deficit of $5.97 billion, up 49.8 percent from the same period last year.
Exports continued to grow, increasing by 6.3 percent to $7.21 billion from $6.78 billion in April 2025. The largest increases were recorded in machinery and transport equipment, which rose by $187.63 million, followed by coconut oil at $173.03 million and other mineral products at $163.57 million.
By commodity group, electronic products remained the country's top export in April with total earnings of $3.44 billion, followed by other mineral products at $458.95 million, and machinery and transport equipment at $423.36 million. The country's top export trading partners during the month were the United States, China, Japan, Hong Kong and Singapore.
Total imports increased by 22.4 percent to $13.17 billion from $10.77 billion in April last year. Electronic products accounted for the highest import value at $4.22 billion, or 32 percent of the country's total imports. This was followed by mineral fuels, lubricants and related materials at $2.55 billion and transport equipment at $714.26 million.
China remained the country's largest source of imported goods, followed by Korea, Japan, Malaysia and Indonesia.
