The Philippines trade deficit fell to USD 4.60 billion in December 2022 from USD 5.12 billion in the same month a year earlier, with exports shrinking slightly less than imports. Shipments dropped 9.7% to USD 5.67 billion, marking the first decline since August amid a deterioration in global demand and renewed supply chain issues caused by rising COVID cases in several countries. Meanwhile, purchases were down 9.9% to USD 10.26 billion, the second straight month of fall and the steepest pace since January 2021, due to weak domestic orders as cost pressures persisted and the peso remained low. Considering the January-December period, the trade shortfall widened to USD 58.32 billion from USD 42.23 billion in 2021. source: Philippine Statistics Authority
Balance of Trade in Philippines averaged -550797.59 USD Thousand from 1957 until 2022, reaching an all time high of 1144700.00 USD Thousand in September of 1999 and a record low of -6024890.82 USD Thousand in August of 2022. 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 - data, historical chart, forecasts and calendar of releases - was last updated on February of 2023.
Balance of Trade in Philippines is expected to be -3400000.00 USD Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Balance of Trade is projected to trend around -3700000.00 USD Thousand in 2024, according to our econometric models.