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.

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Philippines Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2023-01-10 01:00 AM Nov $-3.678B $-3.312B $ -3.1B
2023-01-26 01:00 AM Dec $-4.596B $-3.709B $ -3.2B
2023-03-14 01:00 AM Jan $-4.596B


Related Last Previous Unit Reference
Balance of Trade -4596170.09 -370946.97 USD Thousand Dec 2022
Imports 10263944.24 10777886.12 USD Thousand Dec 2022
Exports 5667773.38 7100179.95 USD Thousand Dec 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-4596170.09 -370946.97 1144700.00 -6024890.82 1957 - 2022 USD Thousand Monthly

News Stream
Philippines Trade Gap Narrows
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.
2023-01-26
Philippines Trade Deficit Narrows
The trade deficit in the Philippines fell to USD 3.68 billion in November 2022 from USD 4.71 billion in the same month a year earlier, as exports grew while imports shrank. Shipments increased 13.2% from a year earlier to USD 7.1 billion as supply chain issues eased following the removal of tough COVID restrictions in many countries. Meantime, purchases were down 1.9% to USD 10.78 billion, the first drop since January 2021, due to weak domestic demand on the back of intense price pressures and a weak peso. Considering the first eleven months of the year, the trade gap soared to USD 53.71 billion from USD 37.15 billion in the same period in 2021.
2023-01-10
Philippines Logs Smallest Trade Gap in 17 Months
The trade deficit in the Philippines decreased to USD 3.31 billion in October 2022 from USD 3.82 billion in the corresponding period last year. This was the smallest trade shortfall since May 2021, as exports grew faster than imports. Sales jumped 20% from a year earlier, the strongest increase since May 2021, to USD 7.70 billion, amid easing supply chain issues as more countries removed strict COVID restrictions. Meanwhile, purchases rose at a softer 7.5%, the softest growth since a contraction in January 2021, to USD 11.00 billion, reflecting weakening domestic demand due to intense cost pressures and a weakening peso. Considering the first ten months of the year, the trade gap soared to USD 49.98 billion from USD 32.40 billion in the same period in 2021.
2022-12-13