Philippines Trade Balance 1981-2024 (2024)

FAQs

What is the balance of trade in the Philippines? ›

Philippines recorded a trade deficit of 3647543 USD Thousand in February of 2024. Balance of Trade in Philippines averaged -619713.07 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.

The trade gap in January ballooned to $5.74 billion, the biggest since the record monthly deficit of $6 billion in August, preliminary government data showed on Tuesday.

The U.S. goods and services trade deficit with Philippines was $10.4 billion in 2022. U.S. goods exports to Philippines in 2022 were $9.3 billion, up 0.5 percent ($50 million) from 2021 and up 15 percent from 2012.

Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product. Philippines trade to gdp ratio for 2022 was 72.42%, a 8.93% increase from 2021. Philippines trade to gdp ratio for 2021 was 63.48%, a 5.32% increase from 2020.

Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2022, the trade deficit of the Philippines amounted to around 66.94 billion U.S. dollars.

This statistic shows the 20 countries with the highest trade balance deficit worldwide in 2022. In 2022, the United States reported the highest trade balance deficit with approximately 1.31 trillion U.S. dollars.

During the last five reported years the exports of Philippines have changed by $15B from $95.2B in 2017 to $110B in 2022. The most recent exports are led by Integrated Circuits ($32.4B), Office Machine Parts ($10.2B), Gold ($8.9B), Semiconductor Devices ($3.33B), and Insulated Wire ($3.26B).

By far the largest bilateral trade imbalance is with China. The United States ran a $419 billion goods deficit with China in 2018.

What is the Philippines biggest export? ›

Exports in Philippines account for nearly a third of GDP. Major exports are: electronic products (42 percent), other manufactures (10 percent) and woodcrafts and furniture (6 percent). Philippines is also the world's largest producer of coconut, pineapple and abaca.

Under ASEAN, the Philippines has preferential trade agreements with China, Hong Kong, India, Japan, South Korea, and Australia and New Zealand.

It stimulates economic growth, provides access to foreign technology, promotes diversification, fosters specialization, promotes cultural exchanges, and contributes to poverty alleviation. Therefore, International trade is crucial in promoting economic growth and development in the Philippines.

The people of the Philippines are called Filipinos.

The broadest measure of a country's trade balance is the current account, which includes trade in goods, services, net income (payments and receipts on foreign investments), and some official, or government, flows. The United States has experienced an annual current account deficit since the mid-1970s.

The annual trade deficit peaked at $152 billion in 1987, then declined to $118 billion in 1988.

The United States has the largest trade deficit when its deficit in merchandise trade is combined with its surplus in service trade.

If a country continually runs trade deficits, citizens of other countries acquire funds to buy up capital in that nation. That can mean making new investments that increase productivity and create jobs. However, it may also involve merely buying up existing businesses, natural resources, and other assets.