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.

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Philippines Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-08-09 01:00 AM Jun $-5.843B $-5.555B $ -5.5B
2022-09-09 01:00 AM Jul $-5.927B $-5.869B $-6B
2022-10-11 01:00 AM Aug $-5.927B


Related Last Previous Unit Reference
Balance of Trade -5927174.37 -5843301.53 USD Thousand Jul 2022
Imports 12139125.14 12487270.35 USD Thousand Jul 2022
Exports 6211950.77 6643968.82 USD Thousand Jul 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
-5927174.37 -5843301.53 1144700.00 -5927174.37 1957 - 2022 USD Thousand Monthly

News Stream
Philippines Trade Gap Widens Sharply
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.
2022-09-09
Philippines Trade Gap Widens Sharply
The Philippines' trade deficit increased sharply to USD 5.84 billion in June 2022 from USD 3.33 billion in the same month a year earlier, mainly due to a surge in imports. Inbound shipments jumped 26 percent yoy to USD 12.48 billion, amid robust domestic demand as the COVID-19 situation improved further as well as surging commodity prices; while exports edged up 1.0 percent to USD 6.64 billion. For the first six months of the year, the trade gap widened sharply to USD 29.79 billion from USD 17.95 billion in the corresponding period in 2021.
2022-08-09
Philippines Trade Gap Widens Sharply
The Philippines' trade deficit increased sharply to USD 5.68 billion in May 2022 from USD 3.18 billion in the same month a year earlier, as exports rose much less than imports, amid weakening global demand due to the Ukraine war and persistent supply chain disruptions. Exports grew by 6.2 percent year-on-year to USD 6.31 billion while imports jumped 29.4 percent to USD 11.99 billion. For the first five months of the year, the trade gap widened sharply to USD 24.96 billion from USD 14.63 billion in the corresponding period of 2021.
2022-07-12