The Philippine's trade deficit narrowed to USD 2.41 billion in August of 2019 from USD 3.60 billion in the same month a year earlier, as exports rose 0.6 percent year-on-year while imports tumbled 11.8 percent. Considering the first eight months of the year, exports edged up 0.1 percent from a year earlier while imports declined 2.8 percent, recording a USD 24.70 billion trade gap. Balance of Trade in Philippines averaged -397671.13 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 -4140000.00 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 -2350000.00 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.