The Philippine's trade deficit widened to USD 3.76 billion in January of 2019 from USD 3.16 billion in the same month a year earlier. Exports contracted 1.7 percent from a year earlier to USD 5.28 billion, while imports rose by 5.8 percent to USD 9.03 billion. Balance of Trade in Philippines averaged -370480.56 USD Thousand from 1957 until 2019, reaching an all time high of 1144700 USD Thousand in September of 1999 and a record low of -4080961.80 USD Thousand in October of 2018.

Balance of Trade in Philippines is expected to be -1510000.00 USD Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Philippines to stand at -2440000.00 in 12 months time. In the long-term, the Philippines Balance of Trade is projected to trend around -3480000.00 USD Thousand in 2020, according to our econometric models.

Philippines Balance of Trade
Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-11 01:00 AM Balance of Trade $-4212M $-3723M $ -2537.6M
2019-01-10 01:00 AM Balance of Trade $-3901.0M $-4081M $-3900M
2019-02-12 01:00 AM Balance of Trade $-3752M $-3901M $-3052M
2019-03-12 01:00 AM Balance of Trade $-3756.0M $-3752.4M $-3500M
2019-04-11 01:00 AM Balance of Trade $-3756.0M
2019-05-08 01:00 AM Balance of Trade
2019-06-11 01:00 AM Balance of Trade

Philippines Trade Gap Widens in January

The Philippine's trade deficit widened to USD 3.76 billion in January of 2019 from USD 3.16 billion in the same month a year earlier. Exports contracted 1.7 percent from a year earlier to USD 5.28 billion, while imports rose by 5.8 percent to USD 9.03 billion.

Year-on-year, exports declined by 1.7 percent to USD 5.28 billion in January, following a downwardly revised 12 percent  fall in a month earlier and reaching the third straight month of drop. Sales decreased the most for electronic equipment and parts (-37.9 percent), followed by metal components (-35.8 percent), gold (-33.3 percent), machinery and transport equipment (-24.2 percent) and other manufactured goods (-15.3 percent). In contrast, sales of electronic products, the country's top exports grew by 1.7 percent. Also, exports rose for: bananas (127.8 percent); cathodes & sections of cathodes, or refined copper (61.2 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ship (54.5 percent); and chemicals (5.4 percent).

Outbound shipments fell to Japan (-3. percent), Hong Kong (-15.8 percent), and Singapore (-6.9 percent). Conversely, sales advanced to the US (8.4 percent), China (2.3 percent), and the ASEAN countries (10 percent).

Imports increased 5.8 percent to USD 9.03 billion in January, swinging from a downwardly revised 9.0 percent fall in December. Purchases rose for: cereals and cereal preparations (82.5 percent), transport equipment (33.6 percent), miscellaneous manufactured articles (15.8 percent), plastics in primary and non-primary form (11.1 percent), telecommunication equipment and electrical machinery (7.3 percent), other food and live animals (5.6 percent), industrial machinery and equipment (4.6 percent), and electronic products (4.1 percent). On the other hand, imports fell for: iron and steel (-8.7 percent); and mineral fuels, lubricants and related materials (-9.9 percent).

Inbound shipments from China, the Philippines's biggest supplier of imports, jumped 24.5 percent. In addition, imports rose from Thailand (11.7 percent), the ASEAN countries (8 percent), and the EU countries (22 percent). In contrast, imports fell from South Korea (-12.3 percent), Japan (-6.2 percent), and the US (-7.3 percent).

PSA l Rida Husna |
3/12/2019 3:57:04 AM

Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -3755820.00 -3752360.00 1144700.00 -4080961.80 USD Thousand [+]
Current Account -201.15 -987.57 1810.97 -1455.03 USD Million [+]
Current Account to GDP -2.40 -0.70 5.80 -7.70 percent [+]
Imports 9034810.00 8473240.00 10320011.78 37084.30 USD Thousand [+]
Exports 5278980.00 4720880.00 6239050.00 23000.00 USD Thousand [+]
External Debt 78959.57 73097.87 79949.42 20893.00 USD Million [+]
Capital Flows 8.12 6.34 93.66 -35.31 USD Million [+]
Remittances 2483616.40 2849065.80 2849065.80 64208.00 USD Thousand [+]
Tourist Arrivals 687726.00 559057.00 732506.00 63628.00 [+]
Gold Reserves 197.90 197.90 274.42 126.89 Tonnes [+]
Terrorism Index 7.18 7.13 7.27 5.78 [+]
Foreign Direct Investment 677.00 531.00 2256.00 -396.00 USD Million [+]
Crude Oil Production 14.00 14.00 38.00 1.00 BBL/D/1K [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category

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. 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 - actual data, historical chart and calendar of releases - was last updated on March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3755820.00 -3752360.00 1144700.00 -4080961.80 1957 - 2019 USD Thousand Monthly

Country Last Previous
Argentina 372.00 Jan/19
Australia 4549.00 Jan/19
Brazil 3670.00 Feb/19
Canada -4593.40 Dec/18
China 41.18 Feb/19
Euro Area 1547.90 Jan/19
France -4195.00 Jan/19
Germany 14500.00 Jan/19
India -9600.00 Feb/19
Indonesia 329.50 Feb/19
Italy 321.80 Jan/19
Japan 339.00 Feb/19
Mexico -4809.60 Jan/19
Netherlands 2868.00 Jan/19
Russia 13368.00 Jan/19
Saudi Arabia 184673.00 Sep/18
Singapore 5198.50 Feb/19
South Africa -13082.76 Jan/19
South Korea 3098.00 Feb/19
Spain -4483276.00 Jan/19
Switzerland 2037.56 Feb/19
Turkey -2503.45 Jan/19
United Kingdom -3825.00 Jan/19
United States -59769.00 Dec/18