The Philippines' trade deficit increased sharply to USD 5.93 billion in July 2022 from USD 3.50 billion in the same month a year earlier. The latest result marked the largest trade gap since at least April 2011, mainly due to a surge in imports. Inbound shipments jumped 21.5 percent yoy to USD 12.14 billion, amid robust domestic demand as the COVID-19 situation improved further as well as surging commodity prices; while exports fell 4.2 percent to USD 6.21 billion. Considering the first seven months of the year, the trade gap surged to USD 35.74 billion from USD 21.46 billion in the same period in 2021. source: Philippine Statistics Authority
Balance of Trade in Philippines averaged -531815 USD Thousand from 1957 until 2022, reaching an all time high of 1144700 USD Thousand in September of 1999 and a record low of -5927174.37 USD Thousand in July 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 September of 2022.
Balance of Trade in Philippines is expected to be -2900000.00 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 -3200000.00 USD Thousand in 2023, according to our econometric models.