The Philippine's trade deficit widened to USD 2.79 billion in February of 2019 from USD 2.54 billion in the same month a year earlier. Exports contracted 0.9 percent from a year earlier to USD 5.18 billion, while imports rose by 2.6 percent to USD 7.97 billion. Considering the first two months of the year, exports dropped 3.9 percent from a year earlier to USD 10.46 billion and imports were up 3.1 percent to USD 17.17 billion, recording a trade deficit of USD 6.71 billion. Balance of Trade in Philippines averaged -376747.96 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 -3090000.00 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 -3800000.00 in 12 months time. In the long-term, the Philippines Balance of Trade is projected to trend around -3480000.00 USD Thousand in 2020, according to our econometric models.

Philippines Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-10 01:00 AM Balance of Trade $-3901.0M $-4081M $-3900M
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 $-2788M
2019-06-11 01:00 AM Balance of Trade
2019-07-10 01:00 AM Balance of Trade



Philippines Trade Gap Widens in February

The Philippine's trade deficit widened to USD 2.79 billion in February of 2019 from USD 2.54 billion in the same month a year earlier. Exports contracted 0.9 percent from a year earlier to USD 5.18 billion, while imports rose by 2.6 percent to USD 7.97 billion.

Year-on-year exports declined by 0.9 percent to USD 5.18 billion in February 2019, following an upwardly revised 6.7 percent fall in January, reaching the third straight month of drop. Sales decreased the most for metal components (-27.8 percent), followed by gold (-18.4 percent); machinery and transport equipment (-16.7 percent); other manufactured goods (-12.6 percent); and ignition wiring set and other wiring sets used in vehicles, aircrafts and ship (-3.6 percent). In contrast, sales of electronic products, the country's top exports grew by 0.8 percent. Also, exports rose for bananas (54.6 percent); cathodes & sections of cathodes, or refined copper (41.3 percent); miscellaneous manufactured articles, not elsewhere specified (21.1 percent); and chemicals (0.01 percent).
 
Exports fell to Singapore (-32.2 percent), Hong Kong (-1.7 percent), and the ASEAN countries (-14.6 percent). Conversely, sales advanced to the US (13.6 percent), China (10.5 percent), and Japan (0.8 percent).
 
Imports increased 2.6 percent year-on-year to USD 7.97 billion in February 2019 from a downwardly revised 3.6 percent rise in January. Purchases rose for transport equipment (30 percent); cereals and cereal preparations (28.4 percent); mineral fuels, lubricants and related materials (15.5 percent); other food and live animal (9.6 percent); and telecommunication equipment, and electrical machinery (7.6 percent). On the other hand, imports declined for iron and steel (-16.6 percent); miscellaneous manufactured articles (-10.4 percent); industrial machinery and equipment (-7.1 percent); electronic products (-4.1 percent), and plastics in primary and non-primary form (-1.3 percent).
 
Imports from China, the Philippines's biggest supplier of imported goods, rose 6 percent, followed by Japan (7.2 percent), the ASEAN countries (1.7 percent), and the EU (49.3 percent). By contrast, imports went down from South Korea (-13.8 percent), Thailand (-11.7 percent), and the US (-4.6 percent).
 
Considering the first two months of the year, exports dropped 3.9 percent from a year earlier to USD 10.46 billion and imports were up 3.1 percent to USD 17.17 billion, translating to a trade deficit of USD 6.71 billion.
 
 


National Statistics Office of Philippines l Chusnul Ch Manan | chusnul@tradingeconomics.com
4/11/2019 8:59:11 AM



Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -2788141.78 -3920097.59 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 7965589.84 9199082.26 10724291.25 37084.30 USD Thousand [+]
Exports 5177448.06 5278984.67 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 2300796.70 2483616.40 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 610.00 677.00 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 April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-2788141.78 -3920097.59 1144700.00 -4415446.66 1957 - 2019 USD Thousand Monthly




Country Last Previous
Argentina 460.00 Feb/19
Australia 4801.00 Feb/19
Brazil 4990.00 Mar/19
Canada -2894.80 Feb/19
China 326.47 Mar/19
Euro Area 17938.00 Feb/19
France -4002.00 Feb/19
Germany 17900.00 Feb/19
India -10890.00 Mar/19
Indonesia 540.20 Mar/19
Italy 3267.83 Feb/19
Japan 528.50 Mar/19
Mexico 1222.00 Feb/19
Netherlands 5130.00 Feb/19
Russia 15671.00 Feb/19
Saudi Arabia 180059.00 Dec/18
Singapore 3615.50 Mar/19
South Africa 3990.00 Feb/19
South Korea 5222.00 Mar/19
Spain -4483276.00 Jan/19
Switzerland 2494.00 Mar/19
Turkey -2134.33 Feb/19
United Kingdom -4860.00 Feb/19
United States -49382.00 Feb/19


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