The Philippine's trade deficit widened to USD 3.14 billion in March of 2019 from USD 2.34 billion in the same month a year earlier. Exports contracted 2.5 percent from a year earlier to USD 5.88 billion, while imports rose by 7.8 percent to USD 9.01 billion. Considering the first three months of the year, exports dropped 3.1 percent from a year earlier to USD 16.38 billion and imports were up 4.7 percent to USD 26.18 billion, recording a trade deficit of USD 9.80 billion. Balance of Trade in Philippines averaged -380444.22 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 -3530000.00 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 -2360000.00 in 12 months time. In the long-term, the Philippines Balance of Trade is projected to trend around -4060000.00 USD Thousand in 2020, according to our econometric models.

Philippines Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-02-12 01:00 AM Balance of Trade $-3752M $-3901M $-3052M
2019-03-12 01:00 AM Balance of Trade $-3756.0M $-3752.4M $-3500M
2019-04-11 01:00 AM Balance of Trade $-2788M $-3920M
2019-05-08 01:00 AM Balance of Trade $-3138M $-2744M $-2220M
2019-06-11 01:00 AM Balance of Trade $-3138M $-3200M
2019-07-10 01:00 AM Balance of Trade $-3420M
2019-08-07 01:00 AM Balance of Trade $ -3530M



Philippines Trade Gap Widens in March

The Philippine's trade deficit widened to USD 3.14 billion in March of 2019 from USD 2.34 billion in the same month a year earlier. Exports contracted 2.5 percent from a year earlier to USD 5.88 billion, while imports rose by 7.8 percent to USD 9.01 billion.

Year-on-year exports declined by 2.5 percent to USD 5.88 billion in March 2019, following a downwardly revised 0.1 percent fall in February, reaching the fourth straight month of drop. Sales decreased the most for machinery and transport equipment (-10.2 percent); followed by other manufactured goods (-8.1 percent); and metal components (-1.2 percent). Also, sales of electronic products, the country's top exports slipped by 3.7 percent. By contrast, exports rose for bananas (81.5 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ship (20.3 percent); other mineral products  (13.6 percent); gold (12.6 percent); chemicals (5.9 percent), and cathodes & sections of cathodes, or refined copper (2.0 percent).  

Exports fell to Singapore (-11.6 percent), Hong Kong (-6.0 percent), the US (-3.1 percent), China (-2.2 percent), and Japan (-1.2 percent). Conversely, sales advanced to the ASEAN countries (2.7 percent).

Imports increased 7.8 percent year-on-year to USD 9.01 billion in March 2019 from a 2.6 percent rise in February, sustaining growth for three consecutive months. Purchases rose for cereal and cereal preparations (97.9 percent); miscellaneous manufactured articles (43.5 percent); telecommunication equipment, and electrical machinery (37.2 percent); other food and live animal (33.5 percent); plastics in primary and non-primary form (14.2 percent); industrial machinery and equipment (11.1 percent), and electronic products (6.5 percent). Meanwhile, imports declined for mineral fuels, lubricants and related materials (-12.6 percent); iron and steel (-8.5 percent), and transport equipment (-4.6 percent).

Imports from China, the Philippines's biggest supplier of imported goods, jumped 50.2 percent, followed by the US (12.2 percent), and the ASEAN countries (4.6 percent). By contrast, imports went down from South Korea (-16.3 percent), Thailand (-5.9 percent), and Japan (-3.8 percent).

Considering the first three months of the year, exports dropped 3.1 percent from a year earlier to USD 16.38 billion and imports were up 4.7 percent to USD 26.18 billion, recording a trade deficit of USD 9.80 billion.



National Statistics Office of Philippines l Chusnul Ch Manan| chusnul@tradingeconomics.com
5/8/2019 10:05:29 AM



Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -3138000.00 -2744000.00 1144700.00 -4415446.66 USD Thousand [+]
Current Account -201.15 -987.57 1810.97 -1455.03 USD Million [+]
Current Account to GDP -2.40 -0.70 5.80 -7.70 percent [+]
Imports 9013940.00 7965589.84 10724291.25 37084.30 USD Thousand [+]
Exports 5876430.00 5222000.00 6308844.59 23000.00 USD Thousand [+]
External Debt 78959.57 73097.87 79949.42 20893.00 USD Million [+]
Capital Flows 8.12 6.34 93.66 -35.31 USD Million [+]
Remittances 2514000.00 2300796.70 2849065.80 64208.00 USD Thousand [+]
Tourist Arrivals 687726.00 559057.00 732506.00 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 750.00 610.00 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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3138000.00 -2744000.00 1144700.00 -4415446.66 1957 - 2019 USD Thousand Monthly




Country Last Previous
Argentina 1131.00 Apr/19
Australia 4949.00 Mar/19
Brazil 6060.00 Apr/19
Canada -3211.20 Mar/19
China 138.34 Apr/19
Euro Area 22532.90 Mar/19
France -5324.00 Mar/19
Germany 22683.00 Mar/19
India -15330.00 Apr/19
Indonesia -2501.90 Apr/19
Italy 4625.00 Mar/19
Japan 60.40 Apr/19
Mexico 1370.00 Apr/19
Netherlands 5330.00 Mar/19
Russia 15537.00 Mar/19
Saudi Arabia 180059.00 Dec/18
Singapore 2782.79 Apr/19
South Africa 5004.63 Mar/19
South Korea 4120.00 Apr/19
Spain -2352600.00 Mar/19
Switzerland 2494.00 Mar/19
Turkey -2136.73 Mar/19
United Kingdom -5408.00 Mar/19
United States -50000.00 Mar/19


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