The Philippine's trade deficit narrowed to USD 3.39 billion in July of 2019 from USD 4.02 billion in the same month a year earlier, as exports rose 3.5 percent year-on-year while imports fell 4.2 percent. Considering the first seven months of the year, exports edged up 0.1 percent from a year earlier while imports declined 1.5 percent, recording a USD 22.29 billion trade gap. Balance of Trade in Philippines averaged -394993.21 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 -3980000.00 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
width
height
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.


Calendar GMT Actual Previous Consensus TEForecast
2019-06-11 01:00 AM Balance of Trade Apr $-3499M $-3100M $-3200M
2019-07-10 01:00 AM Balance of Trade May $-3275M $-3469M $-3420M
2019-08-07 01:00 AM Balance of Trade Jun $-2473M $-3298M $ -3530M
2019-09-10 01:00 AM Balance of Trade Jul $-3393M $-2370M $-3820M
2019-10-10 01:00 AM Balance of Trade Aug $-3393M $-4220M
2019-11-06 01:00 AM Balance of Trade Sep $ -3880M
2019-12-10 01:00 AM Balance of Trade Oct $-4440M



Philippines Trade Gap Narrows in July

The Philippine's trade deficit narrowed to USD 3.39 billion in July of 2019 from USD 4.02 billion in the same month a year earlier, as exports rose while imports fell.

Year-on-year, exports rose by 3.5 percent to USD 6.17 billion, after an upwardly revised 3.3 percent gain in the previous month. It was the fourth straight month of increase in exports, and the fastest growth in nine months, as sales advanced for gold (81.8%), bananas (34.6%), machinery and transport (23.9%), electronic equipment and parts (18.9%); ignition wiring set and other wiring sets used in vehicles, aircraft and ships (17.6%); other mineral products (7.9%), other manufacture goods (5.7%).  Also, sales of electronic products, the country's the country's top exports, rose by 2.9 percent. In contrast, sales fell for metal components (-11.8%); chemicals (-2.5%).

 Among the Philippines' major trading partners sales advanced to the US (8.9%), China (8.5%), South Korea (49.8%), Japan (8.3%), Netherlands (25.3%), and the EU countries (6.6%). Conversely, exports contracted to, Singapore (-7.3%), Taiwan (-9.3%), Hong Kong (-2.1%), Germany (-3.7%), Thailand (-4.9%), and the ASEAN countries (-9.2%). Considering January to June, exports edged down 0.1 percent from the same period of 2018.

Imports dropped by 4.2 percent to USD 9.57 billion in July 2019, following a 10.4 percent fall in the prior month. This was the fourth consecutive month of yearly decline in inbound shipments, of which iron & steel (-35.8%); mineral fuels, lubricants (-14.5%); transport equipment (-12.0%); telecommunication equipment and electrical machinery (-2.4%); industrial machinery and equipment (-1.5%). By contrast, inbound shipment rose for: miscellaneous manufactured articles (18.9%); other food and live animals (12.3%), cereals & cereal preparations (6.0%); electronic products (1.2%), and plastics in primary and non-primary form (0.5%).  

Purchases declined from Japan (-2.7%), South Korea (-16.3%), the US (-5.9%), Thailand (-18.6%), Indonesia (-9.3%), Taiwan (-11.4%), and the EU (-6.3%). Purchases from China, the Philippines's largest supplier of imports, jumped 14.8 percent. Also, arrivals increased from Singapore (32.2%), Hong Kong (23.5%), Malaysia (13.7%), and the ASEAN countries (3.0%). Regarding January to July 2019, imports fell by 1.5 percent from the same period the prior year.

Considering the first seven months of the year, exports edged up 0.1 percent from a year earlier while imports declined 1.5 percent, recording a USD 22.29 billion trade gap.


National Statistics Office of Philippines l Luisa Carvalho | luisa.carvalho@tradingeconomics.com
9/10/2019 9:49:51 AM



Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -3393114.68 -2369873.34 1144700.00 -4415446.66 USD Thousand [+]
Current Account 566.76 -190.19 1810.97 -1455.03 USD Million [+]
Current Account to GDP -2.40 -0.70 5.80 -7.70 percent [+]
Imports 9567483.76 8480287.58 10724291.25 37084.30 USD Thousand [+]
Exports 6174369.08 6110414.24 6308844.59 23000.00 USD Thousand [+]
External Debt 78959.57 73097.87 79949.42 20893.00 USD Million [+]
Capital Flows 6.85 4.86 93.66 -35.31 USD Million [+]
Remittances 2289532.10 2609470.90 2849065.80 64208.00 USD Thousand [+]
Tourist Arrivals 719057.00 643780.00 766865.00 63628.00 [+]
Gold Reserves 197.93 197.90 274.42 126.89 Tonnes [+]
Terrorism Index 7.18 7.13 7.27 5.78 [+]
Foreign Direct Investment 430.00 242.00 2256.00 -396.00 USD Million [+]

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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3393114.68 -2369873.34 1144700.00 -4415446.66 1957 - 2019 USD Thousand Monthly




Country Last Previous
Argentina 951.00 Jul/19
Australia 7268.00 Jul/19
Brazil 3280.00 Aug/19
Canada -1124.40 Jul/19
China 348.30 Aug/19
Euro Area 24789.70 Jul/19
France -4607.00 Jul/19
Germany 21449.00 Jul/19
India -13450.00 Aug/19
Indonesia 85.10 Aug/19
Italy 5728.50 Jun/19
Japan -136.30 Aug/19
Mexico -1117.00 Jul/19
Netherlands 4127.00 Jul/19
Russia 11224.00 Jul/19
Saudi Arabia 131636.00 Mar/19
Singapore 3787.85 Aug/19
South Africa -2880.82 Jul/19
South Korea 1723.00 Aug/19
Spain -1532700.00 Jun/19
Switzerland 2671.16 Jul/19
Turkey -3191.93 Jul/19
United Kingdom -219.00 Jul/19
United States -53989.00 Jul/19


Related

Latest