Philippines Balance of Trade 1957-2014 | Data | Chart | Calendar

Philippines recorded a trade deficit of 16630 USD Thousand in August of 2014. Balance of Trade in Philippines averaged -236443.79 USD Thousand from 1957 until 2014, reaching an all time high of 1144700 USD Thousand in September of 1999 and a record low of -1657980 USD Thousand in November of 2011. Balance of Trade in Philippines is reported by the National Statistics Office of Philippines.

   
 
 

Philippines Balance of Trade


Actual Previous Highest Lowest Dates Unit Frequency
-16630.00 -32796.00 1144700.00 -1657980.00 1957 - 2014 USD Thousand Monthly
Philippines posts regular trade deficits due to high imports of raw materials and intermediate goods. Main imports are: fuel (25 percent), electronic products (25 percent), transport equipment (7 percent) and industrial machinery (5 percent). Philippines is a leading exporter of coconut, pineapple, abaca and electronic products like processors, chips and hard drives (more than 40 percent of total exports). Main trading partners are: Japan (28 percent of total exports and 11 percent of imports), United States (15 percent of exports and 11 percent of imports) and China (12 percent of exports and 11 percent of imports). This page provides - Philippines Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Philippines Balance of Trade - was last refreshed on Friday, October 24, 2014.


Philippines Trade Deficit Narrows in August


Philippines trade gap sharply decreased to USD 16.6 million in August of 2014 from a USD 608 million deficit a year earlier, and far below market forecasts. Exports grew 10.5 percent, while imports declined 1.7 percent. In July of 2014, the country recorded a USD 33 million trade deficit.

In August of 2014, exports amounted to USD 5.47 billion, increasing 10.5 percent compared with the same month of 2013. Higher sales were recorded for  articles of apparel and clothing accessories (+86.0 percent), machinery & transport equipment (+84.9 percent); ignition wiring set and other wiring sets used in vehicles; aircrafts and ships (83.9 percent); other mineral products (65.7 percent); metal components (+26.3 percent) and chemical (+16.8 percent). Sales of electronic products, accounting for 41.6 percent of total exports, rose 10.0 percent and remained as the country's top exports earner. Exports increased to China (+58.4 percent), the US (+33.2 percent), Hong Kong (+30.5 percent), the East Asia countries (+7.9 percent), the ASEAN countries (+3.5 percent) and Singapore (+2.8 percent). In contrast, sales to Japan, the Philippines's top destination of exports, decreased by 15.3 percent and those to the EU countries fell by 2.5 percent.

Imports decreased 1.3 percent year-on-year to USD 5.49 billion. Lower purchases were recorded for electronic products (-15.4 percent), accounting for 20.7 percent of total imports, and mineral fuels, lubricants and related materials (-2.6 percent), accounting for 23.0 percent.

China was the primary source of imports in August with inbound shipments from the country rose 8.9 percent year-on-year. Imports from the United States, accounting for 7.8 percent of the total, dropped 18.2 percent.

National Statistics Office l Rida l rida@tradingeconomics.com
10/24/2014 11:00:15 AM


Recent Releases

Philippines Trade Balance Swings to Deficit in July
Philippines reported a trade deficit of USD 33 million in July of 2014 compared to a revised USD 635 million gap a year earlier, as exports grew 12.4 percent while imports remained unchanged. In June, the country posted a revised USD 625 million trade surplus. Published on 2014-09-25

Philippines Reports Trade Surplus in June
Philippines reported a trade surplus of USD 731.33 million in June of 2014 compared to a USD 399 million deficit a year earlier, as exports surged 21.3 percent and imports fell 3.6 percent. In May, the country posted a USD 718.14 million surplus, the first trade surplus since November of 2013. Published on 2014-08-26


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-07-25 02:00 AM Philippines
Balance of Trade
May 2014 $718.14M $-743M $-150M $ -636.1M
2014-08-26 02:00 AM Philippines
Balance of Trade
Jun 2014 $ 731M $ 718.14M $ -169M $ -169.2M
2014-09-25 02:00 AM Philippines
Balance of Trade
Jul 2014 $ -33M $ 625M (R) $ 134M $ 133.8M
2014-10-24 02:00 AM Philippines
Balance of Trade
Aug 2014 $ -16.6M $ -33M $ -106M $ 257.5M
2014-11-25 01:00 AM Philippines
Balance of Trade
Sep 2014 $ -16.6M $ 524.7M


Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -32796.00 625000.00 1144700.00 -1657980.00 USD Thousand [+]
Exports 5474350.00 5461490.19 5483433.75 23000.00 USD Thousand [+]
Imports 5494286.21 4715515.31 5954820.00 37084.30 USD Thousand [+]
Current Account 1850.74 1712.37 2107.00 -884.00 USD Million [+]
Current Account to GDP 3.50 2.80 5.80 -7.70 Percent [+]
External Debt 58506.00 60337.00 61711.00 20893.00 USD Million [+]
Remittances 2053418.40 2063314.60 2154956.20 64208.00 USD Thousand [+]
Tourist Arrivals 364598.00 386665.00 461383.00 63628.00 [+]
Gold Reserves 194.40 193.95 274.42 126.89 Tonnes [+]