The Philippine's trade deficit narrowed to USD 3.75 billion in December of 2018 from USD 3.97 billion in the same month a year earlier. It marked the smallest trade gap since September, as exports contracted 12.3 percent year-on-year to USD 4.72 billion, while imports fell 9.4 percent to USD 8.47 billion in December. Considering 2018 full year, the trade deficit increased sharply to USD 41.44 billion from USD 27.38 billion in the same period a year earlier. Balance of Trade in Philippines averaged -365930.40 USD Thousand from 1957 until 2018, reaching an all time high of 1144700 USD Thousand in September of 1999 and a record low of -4080961.80 USD Thousand in October of 2018.

Balance of Trade in Philippines is expected to be -1510000.00 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 -2440000.00 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
2018-11-07 01:00 AM Balance of Trade $-3927M $-3494M $ -3480M
2018-12-11 01:00 AM Balance of Trade $-4212M $-3723M $ -2537.6M
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 $-3752.0M
2019-04-11 01:00 AM Balance of Trade
2019-05-08 01:00 AM Balance of Trade



Philippines Trade Gap Smallest in 3 Months

The Philippine's trade deficit narrowed to USD 3.75 billion in December of 2018 from USD 3.97 billion in the same month a year earlier. It marked the smallest trade gap since September, as exports dropped 12.3 percent year-on-year to USD 4.72 billion, while imports declined 9.4 percent to USD 8.47 billion.

Year-on-year, exports contracted 12.3 percent to USD 4.72 billion, far faster than a 0.3 percent fall in the previous month and marking the second straight month of fall. Sales of electronic products, the country's top exports, contracted 15.2 percent. Also, exports shrank for: machinery and transport equipment (-53.1 percent), coconut oil (-24.8 percent), and other manufactured goods (-9 percent). In contrast, sales rose for: bananas (296.1 percent); processed food and beverages (61.8 percent); miscellaneous manufactured articles (27.6 percent); ignition wiring set and other wiring set used in vehicles, aircrafts and ship (23.1 percent); metal components (14.5 percent); and chemicals (6.7 percent).

Outbound shipments fell to Japan (-1.2 percent), Hong Kong (-17 percent), China (-11 percent), Singapore (-19 percent), the ASEAN countries (-5 percent), and and the EU countries (-27.1 percent). Conversely, sales grew to the US (9.9 percent).

Imports fell 9.4 percent to USD 8.47 billion in December, swinging from a 6.8 percent rise in a month earlier. It was the first drop in inbound shipments since July 2017 and the steepest in more than six years, dragged down by transport equipment (-33.3 percent); miscellaneous manufactured articles (-18.4 percent); mineral fuels, lubricants and related materials (-14.4 percent); telecommunication equipment and electrical machinery (-5.5 percent); other food and live animals (-3.5 percent); and electronic products (-1.6 percent). In contrast, imports grew for: cereal and cereal preparations (57.8 percent); iron and steel (15.4 percent); plastics in primary and non-primary form (1.5 percent); and industrial machinery and equipment (0.6 percent).

Purchases shrank from Japan (-3.4 percent); South Korea (-17.7 percent); the US (-36.9 percent); Thailand (-4.6 percent); and the ASEAN countries (-7.9 percent). In contrast, imports from China, the Philippines's biggest supplier of purchases, grew by 8.1 percent. In addition, imports from the EU countries surged 20.1 percent. 

Considering 2018 full year, the trade deficit increased sharply to USD 41.44 billion from USD 27.38 billion in the same period a year earlier.


PSA l Rida | rida@tradingeconomics.com
2/12/2019 4:50:53 AM



Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -3752000.00 -3901000.00 1144700.00 -4080961.80 USD Thousand [+]
Current Account -1254.49 -1035.06 1810.97 -1455.03 USD Million [+]
Current Account to GDP -0.80 -0.40 5.80 -7.70 percent [+]
Imports 8473220.00 9469396.52 10320011.78 37084.30 USD Thousand [+]
Exports 4720880.00 5568794.00 6239050.00 23000.00 USD Thousand [+]
External Debt 73097.87 76621.97 79949.42 20893.00 USD Million [+]
Capital Flows 2.07 -5.93 93.66 -35.31 USD Million [+]
Remittances 2849065.80 2326000.00 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 531.00 491.00 2256.00 -396.00 USD Million [+]
Crude Oil Production 13.00 13.00 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 February of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3752000.00 -3901000.00 1144700.00 -4080961.80 1957 - 2018 USD Thousand Monthly




Country Last Previous
Argentina 1369.00 Dec/18
Australia 3681.00 Dec/18
Brazil 2190.00 Jan/19
Canada -2060.10 Nov/18
China 391.60 Jan/19
Euro Area 16990.70 Dec/18
France -4653.00 Dec/18
Germany 13900.00 Dec/18
India -14730.00 Jan/19
Indonesia -1159.50 Jan/19
Italy 3658.00 Dec/18
Japan -55.29 Dec/18
Mexico 1836.32 Dec/18
Netherlands 3572.00 Dec/18
Russia 18856.00 Dec/18
Saudi Arabia 184673.00 Sep/18
Singapore 1943.12 Dec/18
South Africa 17167.41 Dec/18
South Korea 1336.00 Jan/19
Spain -2568800.00 Nov/18
Switzerland 1787.14 Dec/18
Turkey -2674.41 Dec/18
United Kingdom -3229.00 Dec/18
United States -49313.00 Nov/18


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