The Philippine's trade deficit widened sharply to USD 3.93 billion in September of 2018 from USD 1.75 billion in the same month a year earlier. It was the largest trade gap since December 2017, as imports surged while exports fell. Year-on-year, imports jumped 26.1 percent to USD 9.75 billion, way faster than a 11 percent rise in August. Meanwhile, exports dropped 2.6 percent to USD 5.83 billion, following an upwardly revised 3.4 percent gain in the previous month and reaching the first decline in four months. Considering the first nine months 2018, the trade gap increased to USD 29.94 billion from USD 17.54 billion in the same period a year earlier. Balance of Trade in Philippines averaged -351853.07 USD Thousand from 1957 until 2018, reaching an all time high of 1144700 USD Thousand in September of 1999 and a record low of -3972222.17 USD Thousand in December of 2017.

Philippines Balance of Trade
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Philippines Trade Gap Largest in 9 Months


The Philippine's trade deficit widened sharply to USD 3.93 billion in September of 2018 from USD 1.75 billion in the same month a year earlier. It was the largest trade gap since December 2017, as imports surged while exports fell.

Year-on-year, imports jumped 26.1 percent to USD 9.75 billion in September, way faster than an 11 percent rise in August. Purchases grew for cereal and cereal preparations (101.4 percent); iron and steel (49.5 percent); miscellaneous manufactured articles (40.2 percent); transport equipment and electrical machinery (32.3 percent); plastic in primary and non-primary form (31.9 percent); electronic products (29.5 percent); telecommunication equipment and electrical machinery (20.5 percent); mineral fuels and lubricants (19.3 percent); industrial machinery and equipment (17.3 percent); and other food and live animals (15.7 percent).

Inbound shipments from China, the Philippine’s biggest source of purchases, soared 38.5 percent. Also, imports went up from South Korea (49.9 percent), Japan (6.9 percent), Indonesia (24.3 percent), Thailand (28.4 percent), the ASEAN countries (27.8 percent) and the EU countries (49 percent). 

Meanwhile, exports dropped 2.6 percent to USD 5.83 billion, following an upwardly revised 3.4 percent gain in the previous month. It was the first fall in outbound shipments in four months, as sales declined for coconut oil (-36.4 percent); machinery and transport equipment (-30.4 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-4.6 percent); other manufactured goods (-4.2 percent); gold (-2 percent) and electronic equipment and parts (-0.6 percent). In contrast, exports grew for bananas (189.2 percent); miscellaneous manufactured articles (10 percent) and metal components (7 percent). Also, sales of electronic products, the country’s top exports, increased by 4.2 percent.

Sales contracted to Hong Kong (-1.4 percent), Japan (-6.6 percent), China (-5.7 percent) and the EU countries (-29.3 percent). On the other hand, sales advanced to the US (9.2 percent), Singapore (5.9 percent) and the ASEAN countries (4 percent).

Considering the first nine months 2018, the trade deficit increased to USD 29.94 billion from USD 17.54 billion in the same period a year earlier.



PSA l Rida | rida@tradingeconomics.com
11/7/2018 11:00:07 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-09-11 01:00 AM Balance of Trade $-3546M $-3188M $ -2921.4M
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 $-3927M $ -2537.6M


Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -3927000.00 -3494000.00 1144700.00 -3972222.17 USD Thousand [+]
Exports 5827150.00 6163490.00 6163490.00 23000.00 USD Thousand [+]
Imports 9753910.00 9676980.00 9753910.00 37084.30 USD Thousand [+]
Current Account -823.78 -1171.01 1810.97 -1455.03 USD Million [+]
Current Account to GDP -0.80 -0.40 5.80 -7.70 percent [+]
External Debt 73097.87 76621.97 79949.42 20893.00 USD Million [+]
Capital Flows 0.86 -1.71 93.66 -35.31 USD Million [+]
Remittances 2237000.00 2476000.00 2741425.00 64208.00 USD Thousand [+]
Tourist Arrivals 512240.00 542250.00 732506.00 63628.00 [+]
Gold Reserves 197.90 196.40 274.42 126.89 Tonnes [+]
Terrorism Index 7.13 7.10 7.27 5.78 [+]
Foreign Direct Investment 752.00 914.00 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 November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-3927000.00 -3494000.00 1144700.00 -3972222.17 1957 - 2018 USD Thousand Monthly




Country Last
Argentina 314.00 Sep/18
Australia 3017.00 Sep/18
Brazil 6121.36 Oct/18
Canada -416.30 Sep/18
China 340.16 Oct/18
Euro Area 13100.00 Sep/18
France -5663.00 Sep/18
Germany 18395.00 Sep/18
India -13980.00 Sep/18
Indonesia -1819.90 Oct/18
Italy 2564.00 Aug/18
Japan 139.56 Sep/18
Mexico -194.00 Sep/18
Netherlands 4949.00 Sep/18
Russia 18485.00 Sep/18
Saudi Arabia 162782.00 Jun/18
Singapore 3685.26 Sep/18
South Africa -2950.00 Sep/18
South Korea 6552.00 Oct/18
Spain -3057300.00 Aug/18
Switzerland 1447.00 Sep/18
Turkey -1869.47 Sep/18
United Kingdom -27.00 Sep/18
United States -54019.00 Sep/18


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