Philippines Balance of Trade

Philippines recorded a trade surplus of 718139 USD Thousand in May of 2014. Balance of Trade in Philippines averaged -237439.01 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
718139.00 -742546.00 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.

Philippines Trade Balance Back to Surplus in May

Philippines trade balance swung to a USD 718.14 million surplus in May of 2014 from a USD 743 million deficit in the previous month, the first black in the last seven months. Exports grew 6.9 percent year-on-year while imports fell 9.6 percent.

In the same month last year, the country posted a USD 141 million deficit.

Exports in May amounted to USD 5.483 billion. Higher sales were recorded for other mineral products (107 percent year on year); coconut oil (44.7 percent); other manufactures (40.6 percent); metal components (19.2 percent); machinery  and transport equipment (14.2 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (7.6 percent) and articles of apparel and clothing accessories (6.3 percent).

Shipment to China, Hong Kong, USA, ASEAN Countries, Japan  and Hong Kong all increased by 51.3 percent, 36.3 percent, 9.2 percent, 7.1 percent and 6.2 percent, respectively. Exports to China accounted for 17.5 percent of total sales while those to Japan accounted for 20.4 percent and to USA for 13.7 percent.

Imports decreased 9.6 percent year-on-year to USD 4.765 billion in May. Higher purchases were recorded for transport equipment (33.6 percent); plastics in primary and non-primary forms (18.0 percent); telecommunication equipment and electrical machinery (17.2 percent); other food and live animals (12.8 percent); miscellaneous manufactured articles (1.3 percent) and iron and steel (0.7 percent). Purchases of mineral fuel, lubricants and related materials, which accounted for 13.9 percent of total purchases, declined 43.6 percent. Imports of cereal and cereal preparations and industrial machinery and equipment also fell 12.7 percent and 9.2 percent, respectively.

Considering the January to May period, exports increased 5.8 percent over a year earlier and imports rose 5.9 percent. That brought the trade deficit to USD 1.97 billion, compared to a USD 1.84 billion gap in the same period last year.

National Statistics Office l Rida l
7/25/2014 12:04:59 PM

Recent Releases

Philippines Trade Deficit Widens in April
Philippines trade gap increased to USD 743 million in April of 2014 from a USD 647 million deficit a year earlier. Exports grew a meager 0.8 percent year-on-year while imports rose at a faster 3 percent. Published on 2014-06-25

Philippines Trade Deficit Narrows in March
Philippines trade gap decreased to USD 145.7 million in March of 2014 from a USD 253 million deficit a year earlier. Exports grew 12.3 percent year-on-year, driven by a 10 percent surge in electronic sales. Published on 2014-05-27

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-25 02:00 AM Philippines
Balance of Trade
Feb 2014 USD -66M USD -1376M USD -634.1M
2014-05-27 02:00 AM Philippines
Balance of Trade
Mar 2014 $ -146M $ -131M (R) $ -173M $ -250M
2014-06-25 02:00 AM Philippines
Balance of Trade
Apr 2014 $-743M $ -199M (R) $ -792.3M
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 $718.14M $ -590.8M

Trade Last Previous Highest Lowest Unit
Balance of Trade 718140.00 -742546.00 1144700.00 -1657980.00 USD Thousand [+]
Exports 5483490.53 4566104.32 5483490.53 23000.00 USD Thousand [+]
Imports 5308650.48 6833.70 5954820.00 6833.70 USD Thousand [+]
Current Account 784.39 1439.50 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 1980320.70 1913939.20 2154956.20 64208.00 USD Thousand [+]
Tourist Arrivals 452650.00 361271.00 452650.00 63628.00 [+]
Gold Reserves 193.95 193.51 274.42 126.89 Tonnes [+]

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