The Philippine's trade deficit widened to USD 3.90 billion in November of 2018 from USD 3.28 billion in the same month a year earlier. Year-on-year, imports went up 6.8 percent to USD 9.47 billion in November, after a 21.4 percent rise in October. Meanwhile, exports dropped 0.3 percent to USD 5.57 billion, following an upwardly revised 5.5 percent gain in the previous month. It was the first decline in exports since May. Considering the first eleven months 2018, the trade deficit increased sharply to USD 37.69 billion from USD 23.41 billion in the same period a year earlier. Balance of Trade in Philippines averaged -361372.57 USD Thousand from 1957 until 2018, 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
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Calendar GMT Actual Previous Consensus TEForecast
2018-10-10 01:00 AM Balance of Trade $-3513.0M $-3546M $ -3151.7M
2018-11-07 01:00 AM Balance of Trade $-3927M $-3494M $ -3480M
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
2019-02-07 01:00 AM Balance of Trade $-3901.0M -3052000.0000
2019-03-07 01:00 AM Balance of Trade
2019-04-08 01:00 AM Balance of Trade



Philippines Trade Deficit Widens in November

The Philippine's trade deficit widened to USD 3.90 billion in November of 2018 from USD 3.28 billion in the same month a year earlier. Imports went up 6.8 percent to USD 9.47 billion while exports fell 0.3 percent to USD 5.57 billion.

Year-on-year, imports increased 6.8 percent to USD 9.47 billion in November, lower than a 21.4 percent rise in October. Purchases grew for cereal and cereal preparations (113.5 percent); mineral fuels and lubricants (34.1 percent); iron & steel (24.9 percent); other food and live animals (19.9 percent); plastics in primary and non-primary form (12.5 percent); industrial machinery and equipment (10.5 percent); telecommunication equipment and electrical machinery (4.5 percent); miscellaneous manufactured articles (4.4 percent); electronic products (3.9 percent); and transport equipment (0.2 percent).
 
Inbound shipments from China, the Philippine’s biggest source of purchases, grew 4.3 percent. Also, imports went up from South Korea (13.5 percent), the US (7.2 percent); and Vietnam (34.2 percent). In contrast, purchases fell from Japan (-4.6 percent) and Thailand (-3.2 percent); and the ASEAN countries (-4.8 percent).
 
Meantime, exports dropped by 0.3 percent to USD 5.57 billion, following an upwardly revised 5.5 percent rise in the previous month. It was the first decline in exports since May, as sales of electronic products, the country's top exports, decreased by 1.6 percent. Also, sales went down for chemicals (-16.9 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-14.9 percent), and coconut oil (-1.3 percent). On the other hand, sales rose for bananas (100.4 percent); machinery and transport equipment (80.3 percent); miscellaneous manufactured articles (35.5 percent); other mineral products (14.2 percent); metal components (6.5 percent), and other manufactured goods (5.7 percent).
 
Outbound shipments advanced to South Korea (47.8 percent); the US (12.6 percent); China (1.8 percent) and Malaysia (7.8 percent). By contrast, outbound shipments declined to Japan (-1.3 percent); Hong Kong (-15.2 percent), and the ASEAN countries (-5.7 percent)
 
Considering the first eleven months 2018, the trade deficit widened sharply to USD 37.69 billion from USD 23.41 billion in the same period a year earlier.
 
 


National Statistics Office of Philippines l Chusnul Ch Manan | chusnul@tradingeconomics.com
1/10/2019 10:59:46 AM



Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -3900602.56 -4080961.80 1144700.00 -4080961.80 USD Thousand [+]
Current Account -1254.49 -1035.06 1810.97 -1455.03 USD Million [+]
Current Account to GDP -0.80 -0.40 5.80 -7.70 percent [+]
Imports 9469396.52 10320011.78 10320011.78 37084.30 USD Thousand [+]
Exports 5568794.00 6239050.00 6239050.00 23000.00 USD Thousand [+]
External Debt 73097.87 76621.97 79949.42 20893.00 USD Million [+]
Capital Flows 2.07 -5.93 93.66 -35.31 USD Million [+]
Remittances 2326000.00 2470000.00 2741425.00 64208.00 USD Thousand [+]
Tourist Arrivals 518362.00 512240.00 732506.00 63628.00 [+]
Gold Reserves 197.90 197.90 274.42 126.89 Tonnes [+]
Terrorism Index 7.13 7.10 7.27 5.78 [+]
Foreign Direct Investment 491.00 569.00 2256.00 -396.00 USD Million [+]
Crude Oil Production 13.00 13.00 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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3900602.56 -4080961.80 1144700.00 -4080961.80 1957 - 2018 USD Thousand Monthly




Country Last Previous
Argentina 979.00 Nov/18
Australia 1925.00 Nov/18
Brazil 6639.00 Dec/18
Canada -2060.10 Nov/18
China 570.60 Dec/18
Euro Area 18967.90 Nov/18
France -5099.00 Nov/18
Germany 20500.00 Nov/18
India -13080.00 Dec/18
Indonesia -1102.00 Dec/18
Italy 3843.00 Nov/18
Japan -737.30 Nov/18
Mexico -2382.00 Nov/18
Netherlands 6983.00 Nov/18
Russia 19697.00 Oct/18
Saudi Arabia 184673.00 Sep/18
Singapore 1943.12 Dec/18
South Africa 3494.40 Nov/18
South Korea 4558.00 Dec/18
Spain -3836500.00 Oct/18
Switzerland 3071.48 Nov/18
Turkey -651.36 Nov/18
United Kingdom -2904.00 Nov/18
United States -55488.00 Oct/18


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