Philippines Balance of Trade 1957-2015 | Data | Chart | Calendar

Philippines recorded a trade deficit of 68224.41 USD Thousand in December of 2014. Balance of Trade in Philippines averaged -232527 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.

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Philippines Balance of Trade


Actual Previous Highest Lowest Dates Unit Frequency
-68224.41 233000.00 1144700.00 -1657980.00 1957 - 2014 USD Thousand Monthly
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 - 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 Monday, March 2, 2015.


Philippines Post Small Trade Deficit in December


Philippines reported a trade deficit of USD 68.22 million in December of 2014, narrowing from a USD 485.33 million gap a year earlier as imports fell the most since April 2012 while exports declined at a slower pace.

In December, exports decreased by 3.2 percent year-on-year to USD 4.80 billion. Sales of other manufactures, the second top exports revenue in the month, dropped the most by 52.8 percent, following a 27.2 percent decline in November. Outbond shipments also dropped for electronic equipment and parts (-41.7 percent) followed by woodcrafts and furniture (-16.5 percent, 4.2 percent share) and other mineral products (-7.7 percent).

In contrast, sales increased for: articles of apparel and clothing accessories (+33.8 percent); machinery & transport equipment (+32.5 percent, 6.6 percent share); chemicals (+7.9 percent, 3.6 percent share); metal components (+6.6 percent) and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (+2.7 percent). Exports of electronic products, the country's top export and accounting for 49.5 percent, also rose by 9.9 percent, slowing from a 21.8 percent increase in November. Among the major groups of electronic products, Components/Devices (Semiconductors), increased by 12.9 percent and accounted for the biggest share of 35.7 percent among electronic products.
 
Sales to some major trading partners decreased except those to the ASEAN countries, the US, the EU countries and Hong Kong. Exports to Japan, the country's top destination, fell by 3.2 percent to USD 1.05 billion(comprising of 21.2 percent of the total), followed by China (-27.5 percent to USD 545.6 million, 11.4 percent share) and Singapore (-0.1 percent to USD 372.12 million, 7.8 percent share). Exports to the ASEAN countries rose by 10.0 percent to SD 732.4 million,15.3 percent share, followed by the US (+14.3 percent to USD 590.9 million, 14.1 percent share), the EU countries  (+2.4 percent to USD 487.2 million, 15.3 percent share) and Hong Kong (+12.8 percent to USD 433.9 million, 10.2 percent share).
 
Imports declined by 10.6 percent to USD 4.87 billion. Purchases fell for: transport equipment (-51.2 percent); mineral fuels, lubricants and related materials (-36.8 percent);  cereals and cereal preparations (-31.6 percent), miscellaneous manufactured articles (-10.3 percent) and industrial machinery and equipment (-9.7 percent).

In contrast, purchases increased for: other food and live animals (+18.1 percent), cereals and cereal preparations (+59.9 percent), feeding stuff for animals (not including unmilled cereals) (+9.6 percent), plastics in primary and non-primary forms (+9.4 percent) and organic and inorganic chemicals (+7.5 percent). Imports of electronic products rose by 32.2 percent and accounted for 34.8 percent  share. Among the major group of electronic products, Components/Devices (semiconductors) rose by 49.10 percent year-on-year and accounted for the biggest share of 30.1 percent among electronic products.
 
Purchases from the country's main trading partners declined except those from China, Singapore and the EU countries. Imports from the ASEAN countries fell the most by 5.7 percent to USD 1.15 billion (comprising of 23.7 percent of total imports), followed by the US (-19.3 percent to USD 479.4 million, 9.8 percent share) and Japan (-5.5 percent to USD 406.3 million, 7.9 percent share). Purchases from China, the Philippines' biggest source of purchases, rose by 15.0 percent to USD 668.4 million and those from Singapore increased by 21.3 percent to USD 404.03 million, representing a 8.3 percent share. Puchases from the EU countries increased by 12.1 percent to USD 685.5 million.
 
In November 2014, the country registered a revised USD 233 million trade deficit.
 
For full year of 2014, exports increased 9.0 percent over a year earlier to USD 61.81 billion and imports rose 2.4 percent to USD 63.92 billion. That brought a USD 2.11 billion trade deficit, as compared to a USD 5.72 billion shortage in the preceding year.
 

National Statistics Office l Rida Husna l rida@tradingeconomics.com
2/24/2015 6:00:49 AM


Recent Releases

Philippines Posts Trade Surplus in November
Philippines reported a trade surplus of USD 272.2 million in November of 2014, swinging from a revised USD 126 million deficit in the same month of the previous year as imports fell the most since April 2012 and exports surged. Published on 2015-01-27

Philippines Trade Balance Swings to Deficit in October
Philippines reported a trade deficit of USD 55.6 million in October of 2014, swinging from a revised USD 183 million surplus in the previous month and missed market forecasts, as imports grew at a faster pace than exports. Published on 2014-12-23


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-23 01:00 AM
Balance of Trade  Oct
$ -55.6M $ 183M (R) $ 503.6M
2015-01-27 01:00 AM
Balance of Trade  Nov
$ 272M $ -55.6M $ 348.2M
2015-02-24 01:00 AM
Balance of Trade  Dec
$ -68M $ 233M (R) $ 427.1M
2015-03-23 01:00 AM
Balance of Trade  Jan
$ -68M $ 341M
2015-04-23 02:00 AM
Balance of Trade  Feb
$ 563.2M
2015-05-27 02:00 AM
Balance of Trade  Mar
$ 471.4M


Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -68224.41 233000.00 1144700.00 -1657980.00 USD Thousand [+]
Exports 4800607.46 5261702.56 5848900.66 23000.00 USD Thousand [+]
Imports 4868831.88 4989441.71 5954820.00 37084.30 USD Thousand [+]
Current Account 1283.16 708.00 1735.32 -1179.39 USD Million [+]
Current Account to GDP 3.50 2.80 5.80 -7.70 percent [+]
External Debt 58506.00 60337.00 60442.00 20893.00 USD Million [+]
Remittances 2316872.80 2121653.60 2316872.80 64208.00 USD Thousand [+]
Tourist Arrivals 358876.00 328981.00 461383.00 63628.00 [+]
Gold Reserves 194.90 194.40 274.42 126.89 Tonnes [+]
Crude Oil Production 21.00 21.00 40.00 0.79 BBL/D/1K [+]


Balance of Trade Reference Previous Highest Lowest Unit
Australia -436.00 Dec/14 -1016.00 2219.00 -3897.00 AUD Million [+]
Brazil -3173.95 Jan/15 293.00 5659.37 -4058.14 USD Million [+]
Canada -650.00 Dec/14 -340.00 8524.80 -2902.90 CAD Million [+]
China 600.30 Jan/15 496.13 544.76 -319.71 USD Hundred Million [+]
Euro Area 24300.00 Dec/14 21200.00 24300.00 -16638.00 EUR Million [+]
France -3446.00 Dec/14 -3093.00 2674.00 -7086.00 EUR Million [+]
Germany 19000.00 Dec/14 17900.00 23400.00 -535.91 EUR Million [+]
India -8320.00 Jan/15 -9430.00 258.90 -20210.90 USD Million [+]
Indonesia 709.40 Jan/15 186.80 4641.92 -2329.13 USD Million [+]
Italy 5756.00 Dec/14 3541.23 6923.00 -6389.30 EUR Million [+]
Japan -1177.50 Jan/15 -660.70 1608.67 -2795.04 JPY Billion [+]
Mexico -3248.00 Jan/15 254.00 1710.25 -3292.30 USD Million [+]
Netherlands 4891.20 Dec/14 5110.00 5110.00 -907.60 EUR Million [+]
Russia 12927.00 Dec/14 13359.00 20356.00 -185.00 USD Million [+]
South Korea 5530.00 Jan/15 5750.00 7380.00 -4043.45 USD Million [+]
Spain -1821800.00 Dec/14 -1555245.00 634935.00 -9834766.00 EUR Thousand [+]
Switzerland 3432.72 Jan/15 1514.42 3901.00 -1478.68 CHF million [+]
Turkey -4305.31 Jan/15 -8505.55 24.51 -10453.06 USD Million [+]
United Kingdom -2895.00 Dec/14 -1841.00 2946.00 -5397.00 GBP Million [+]
United States -46560.00 Dec/14 -39750.00 1946.00 -67823.00 USD Million [+]