The Philippine's trade deficit widened sharply to USD 3.93 billion in September of 2018 from USD 1.75 billion in the same month a year earlier. It was the largest trade gap since December 2017, as imports surged while exports fell. Year-on-year, imports jumped 26.1 percent to USD 9.75 billion, way faster than a 11 percent rise in August. Meanwhile, exports dropped 2.6 percent to USD 5.83 billion, following an upwardly revised 3.4 percent gain in the previous month and reaching the first decline in four months. Considering the first nine months 2018, the trade gap increased to USD 29.94 billion from USD 17.54 billion in the same period a year earlier. Balance of Trade in Philippines averaged -351853.07 USD Thousand from 1957 until 2018, reaching an all time high of 1144700 USD Thousand in September of 1999 and a record low of -3972222.17 USD Thousand in December of 2017.
Balance of Trade in Philippines is expected to be -3052000.00 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 -3220000.00 in 12 months time. In the long-term, the Philippines Balance of Trade is projected to trend around -2440000.00 USD Thousand in 2020, according to our econometric models.