Philippines Balance of Trade

Philippines recorded a trade deficit of 1378315 USD Thousand in January of 2014. Balance of Trade in Philippines is reported by the National Statistics Office of Philippines. Balance of Trade in Philippines averaged -241942.73 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. 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. 2014-04-25

Actual Previous Highest Lowest Forecast Dates Unit Frequency
-1378315.00 -694897.00 1144700.00 -1657980.00 -634117.95 | 2014/02 1957 - 2014 USD Thousand Monthly

TO

Philippines Balance of Trade
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-12-27 01:00 AM Philippines
Balance of Trade
Oct 2013 USD 0.202B USD -0.65B (R) USD -0.6B
2014-01-24 01:00 AM Philippines
Balance of Trade
Nov 2013 USD -0.94B USD 0.202B USD -740M USD -0.2B
2014-02-25 01:00 AM Philippines
Balance of Trade
Dec 2013 USD -695M USD -941M (R) USD -501M USD -0.4B
2014-03-25 01:00 AM Philippines
Balance of Trade
Jan 2014 USD -1376M USD -695M USD -1018M USD -563M
2014-04-25 02:00 AM Philippines
Balance of Trade
Feb 2014 USD -1376M USD -634.1M
2014-05-27 02:00 AM Philippines
Balance of Trade
Mar 2014 USD -816.9M
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Trade Last Previous Highest Lowest Forecast Unit
External Debt 60337.00 2012-12-31 61711.00 61711.00 20893.00 59784.74 2013-12-31 USD Million [+]
Remittances 1795680.40 2014-02-15 1799288.30 2154956.20 64208.00 1861678.71 2014-03-31 USD Thousand [+]
Balance of Trade -1378315.00 2014-01-15 -694897.00 1144700.00 -1657980.00 -634117.95 2014-02-28 USD Thousand [+]
Current Account 592.00 2013-12-15 998.00 2107.00 -884.00 707.16 2014-01-31 USD Million [+]
Exports 4654149.56 2014-02-15 4379037.59 5340847.00 23000.00 4704718.17 2014-03-31 USD Thousand [+]
Imports 5757352.55 2014-01-15 5412933.75 5882358.00 37084.30 5628637.29 2014-02-28 USD Thousand [+]
Tourist Arrivals 452650.00 2013-12-15 361271.00 452650.00 63628.00 400629.01 2014-01-31 [+]
Current Account to GDP 3.50 2013-12-31 2.80 5.80 -7.70 3.51 2014-12-31 Percent [+]
[+]


Philippines’ Trade Deficit Doubles in January

The trade deficit widened in January of 2014 to USD -1.38 billion from USD -0.72 billion a year earlier and USD -0.70 billion in December of 2013. While exports climbed for the eighth consecutive month, imports posted the highest increase in nearly 3 years.

Exports amounted to USD 4.3 billion in January of 2014, a 7.5 percent increase from USD 4.0 billion a year ago. Imports were recorded at USD 5.76 billion, a 21.8 percent increase yoy. 

Year-on-year, sales increased for electronic equipment (22.1 percent), other manufactures including crude and refined (99.5 percent), woodcrafts and furniture (1.3 percent), metal components (53.1 percent), articles of apparel and clothing accessories (45.7 percent), electronic equipment and parts (89.7 percent).

Japan remained as the country’s top destination of exports (sales rose 49.6 percent), followed by the USA (15.6 percent), China (2.6 percent) and Singapore (62.8 percent).

The top imported good, electronic products, increased by 11.1 percent from January of 2013, followed by mineral fuels, lubricants and related materials (33.0 percent), transport equipment (87.3 percent), cereals and cereal preparations (50.4 percent), other food and live animals (26.9 percent), plastics (20.0 percent), iron and steel (5.8 percent), miscellaneous manufactured articles (28.7 percent), power generating and specialized machinery (170.1 percent).

China was the main source of imports (purchases rose 36.8 percent from January of 2013), followed by the USA (19.4 percent) and South Korea (23.4 percent). 

On a monthly basis, purchases increased by 6.4 percent from USD 5.41 billion in December of 2013, while exports fell 3 percent from USD 4.6 billion to USD 4.3 billion.

National Statistics Office | Isabel Felino | isabel.felino@tradingeconomics.com
3/25/2014 11:57:54 AM

RECENT RELEASES

Philippines Trade Deficit Narrows in 2013
In 2013, Philippines trade deficit decreased 23 percent to USD 7.73 billion, from USD 10.03 billion in the previous year, due to a 3.6 percent rise in sales. Considering the last month of 2013, the trade deficit narrowed to USD 695 million. Published on 2014-02-25

Philippines Trade Balance Returns to Deficit in November
In November of 2013, Philippines trade balance turned into a deficit of USD 934 million, after recording a USD 201 million surplus in the previous month. Yet, compared with the same month last year, the trade deficit narrowed 40.9 percent, as exports posted a double-digit growth of 18.9 percent. Published on 2014-01-24


Balance of Trade | Notes
The balance of trade is the difference between the monetary value of exports and imports in an economy over a certain period of time. A positive balance of trade is known as a trade surplus and occurs when value of exports is higher than that of imports; a negative balance of trade is known as a trade deficit or a trade gap.


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