The trade deficit in the Philippines narrowed to USD 4.22 billion in January 2024 from USD 5.56 billion in the same month a year earlier, as exports rose and imports fell. Year-on-year, exports advanced 9.1% to USD 5.94 billion, the first growth in five months, mainly driven by higher sales for electronic products (16.3%) and machinery and transport equipment (20.3%). Among main destinations, the largest share in exports were accounted for by the US (15.2%), Japan (14.6%), and Hong Kong (12.8%). Meanwhile, imports shrank 7.6% to USD 10.16 billion, primarily due to decreased purchases of mineral fuels, lubricants, and related materials (-35.4%) and electronic products (-10.4%). Of the trading partners, China constituted the highest portion in imports (26.1%), followed by Japan (7.8%), and Indonesia (7.7%). source: Philippine Statistics Authority
Philippines recorded a trade deficit of 4221131.98 USD Thousand in January of 2024. Balance of Trade in Philippines averaged -615791.16 USD Thousand from 1957 until 2024, reaching an all time high of 1144700.00 USD Thousand in September of 1999 and a record low of -5993433.00 USD Thousand in August of 2022. This page provides the latest reported value for - Philippines Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Philippines Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.
Philippines recorded a trade deficit of 4221131.98 USD Thousand in January of 2024. Balance of Trade in Philippines is expected to be -4200000.00 USD Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Balance of Trade is projected to trend around -3700000.00 USD Thousand in 2025, according to our econometric models.
Philippines Balance of Trade
Philippines has been running annual trade deficits due to high imports of raw materials and intermediate goods. In 2013, the biggest trade deficits were recorded with: Taiwan, Saudi Arabia, Thailand and South Korea while the biggest trade surpluses with: Japan, Hong Kong and the United States.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| -4221131.98 | -4178122.73 | 1144700.00 | -5993433.00 | 1957 - 2024 | USD Thousand | Monthly |
News Stream
Philippines Trade Deficit Narrows in January
The trade deficit in the Philippines narrowed to USD 4.22 billion in January 2024 from USD 5.56 billion in the same month a year earlier, as exports rose and imports fell. Year-on-year, exports advanced 9.1% to USD 5.94 billion, the first growth in five months, mainly driven by higher sales for electronic products (16.3%) and machinery and transport equipment (20.3%). Among main destinations, the largest share in exports were accounted for by the US (15.2%), Japan (14.6%), and Hong Kong (12.8%). Meanwhile, imports shrank 7.6% to USD 10.16 billion, primarily due to decreased purchases of mineral fuels, lubricants, and related materials (-35.4%) and electronic products (-10.4%). Of the trading partners, China constituted the highest portion in imports (26.1%), followed by Japan (7.8%), and Indonesia (7.7%).
2024-03-12
Philippines Trade Gap Narrows
The trade deficit in the Philippines decreased to USD 4.01 billion in December 2023 from USD 4.52 billion in the same month a year earlier, as imports fell much faster than exports. Purchases shrank 5.1% yoy to an eight-month low of USD 9.79 billion, reversing from an upwardly revised 1.3% growth in the prior month while pointing to the 10th time of fall for the year as domestic demand remained weak due to elevated cost pressure. Meanwhile, shipments dropped by 0.5%, marking the fourth straight month of a decline to an eight-month low of USD 5.78 billion amid lower sales to the US, China, and the ASEAN countries. Still, a decrease in exports moderated sharply from a downwardly revised 13.0% tumble in November, which was also the softest contraction since a rise in August, as signs of an improvement in foreign demand grew ahead of a New Year holiday. Considering the whole year, the trade shortfall dropped to USD 52.42 billion from USD 57.65 billion in 2022.
2024-01-26
Philippines Logs Largest Trade Gap in 7 Months
The trade deficit in the Philippines notably increased to USD 4.69 billion in November 2023 from USD 3.72 billion in the same month a year earlier. This was the largest trade gap since April, mainly due to deteriorating exports to main trading partners, particularly the US and China. Year-on-year, shipments tumbled 13.7%, the third consecutive month of contraction, to a 7-month low of USD 6.13 billion. Meanwhile, purchases stagnated following declines in the previous nine months, to a 3-month peak of USD 10.82 billion. Considering the first eleven months of the year, the trade shortfall dropped to USD 48.98 billion from USD 53.72 billion in the corresponding period last year.
2024-01-10
