The Philippine's trade deficit narrowed to USD 3.28 billion in May of 2019 from USD 3.88 billion in the same month a year earlier, as exports rose 1 percent year-on-year while imports declined 5.4 percent. Considering the first five months of the year, exports fell 1.3 percent from a year earlier while imports increased 1.0 percent, recording a USD 16.51 billion trade gap. Balance of Trade in Philippines averaged -388362.82 USD Thousand from 1957 until 2019, reaching an all time high of 1144700 USD Thousand in September of 1999 and a record low of -4415446.66 USD Thousand in October of 2018.

Balance of Trade in Philippines is expected to be -3980000.00 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 -3800000.00 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
2019-04-11 01:00 AM Balance of Trade Feb $-2788M $-3920M
2019-05-08 01:00 AM Balance of Trade Mar $-3138M $-2744M $-2220M
2019-06-11 01:00 AM Balance of Trade Apr $-3499M $-3100M $-3200M
2019-07-10 01:00 AM Balance of Trade May $-3275M $-3469M $-3420M
2019-08-07 01:00 AM Balance of Trade Jun $-3275M $ -3530M
2019-09-10 01:00 AM Balance of Trade Jul $-3820M
2019-10-10 01:00 AM Balance of Trade Aug $-4220M

Philippines Trade Gap Narrows in May

The Philippine's trade deficit narrowed to USD 3.28 billion in May of 2019 from USD 3.88 billion in the same month a year earlier, as exports increased while imports declined.

Year-on-year, exports rose by 1.0 percent to USD 6.15 billion, unchanged from an upwardly revised figure in April. It was the second straight increase in exports, as sales advanced for copper concentrates (192.1%); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (31.7%); bananas (28.6%); chemicals (20.1%); metal components (14.0%), gold (8.3%), and other mineral products (7.0%). Also, sales of electronic products, the country's the country's top exports, increased by 6.2 percent. By contrast, sales fell for machinery and transport equipment (-59.2%); and other manufactured products (-5.4%).

Among the Philippines' major trading partners sales advanced to the US (23.1%), China (11.5%), Thailand (8.1%), Germany (5%), Japan (1.2%). In contrast, exports contracted to South Korea (-19.7%), Singapore (-14.7%), Taiwan (-13.4%), Netherlands (-8.1%), Hong Kong (-4.4%), the EU countries (-17.5%), and the ASEAN countries (-1.2%). 

Imports dropped by 5.4 percent to USD 9.43 billion in May 2019, following a 1.9 percent fall in the prior month. This was the second straight month of yearly decline in inbound shipments, as purchases shrank for iron and steel (-25.5%); transport equipment (-19.3%); mineral fuels, lubricants (-17.2%); plastics in primary and non-primary forms (-13.7%); industrial machinery and equipment (-4.8%); and other food and live animals (-3.7%). In contrast, imports grew for cereals and cereal preparations (72.1%); miscellaneous manufactured articles (8.1%); electronic products (2%), and telecommunication equipment and electrical machinery (0.2%).

Purchases decreased from Japan (-13.6%), South Korea (-24.7%), Taiwan (-24.1%), and Thailand (-8.1%). Conversely, purchases from China, the Philippines's largest supplier of imports, rose 6.4%. Also, imports increased from the US (0.8%), Singapore (22.8%), Indonesia (3.6%), Malaysia (55.7%), Vietnam (56.0%),  the ASEAN countries (16.1%), and the EU (10.5%)
Considering the first five months of the year, exports fell 1.3 percent from a year earlier while imports increased 1.0 percent, recording a USD 16.51 billion trade gap.

National Statistics Office of Philippines l Chusnul Ch Mana |
7/10/2019 2:35:19 AM

Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -3275000.00 -3469000.00 1144700.00 -4415446.66 USD Thousand [+]
Current Account -435.05 239.06 1810.97 -1455.03 USD Million [+]
Current Account to GDP -2.40 -0.70 5.80 -7.70 percent [+]
Imports 9429520.00 9005267.56 10724291.25 37084.30 USD Thousand [+]
Exports 6154900.00 5536000.00 6308844.59 23000.00 USD Thousand [+]
External Debt 78959.57 73097.87 79949.42 20893.00 USD Million [+]
Capital Flows 2.84 4.85 93.66 -35.31 USD Million [+]
Remittances 2609470.90 2440629.90 2849065.80 64208.00 USD Thousand [+]
Tourist Arrivals 621719.00 662987.00 766865.00 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 961.00 586.00 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3275000.00 -3469000.00 1144700.00 -4415446.66 1957 - 2019 USD Thousand Monthly

Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 23033.60 May/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 5347.00 May/19
Japan 589.46 Jun/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 2447.29 Jun/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -1605300.00 Apr/19
Switzerland 3251.00 Jun/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19