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.