The Philippines' trade deficit decreased to USD 1.87 billion in May 2020 from USD 3.65 billion in the same month a year earlier. Exports slumped 35.6 percent year-on-year to USD 3.99 billion, while imports tumbled 40.6 percent to USD 5.85 billion. Considering the first five months of the year, the trade gap narrowed sharply to USD 9.89 billion from USD 16.79 billion gap in the corresponding period of 2019.
Balance of Trade in Philippines averaged -426924.74 USD Thousand from 1957 until 2020, 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. 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 August of 2020. source: National Statistics Office of Philippines
Balance of Trade in Philippines is expected to be 3320000.00 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 4295000.00 in 12 months time. In the long-term, the Philippines Balance of Trade is projected to trend around -3480000.00 USD Thousand in 2021 and -4360000.00 USD Thousand in 2022, according to our econometric models.