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

Philippines recorded a trade deficit of 32796 USD Thousand in July of 2014. Balance of Trade in Philippines averaged -237277.65 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
-32796.00 625000.00 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 Wednesday, October 22, 2014.


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.

In July, exports amounted to USD 5.46 billion as compared to a revised USD 4.85 billion in the same month last year. Sales of machinery & transport equipment increased by 193.5 percent and remained the top exports, accounting for 38.3 percent of total exports revenue. By major groups of electronic products, Components/Devices (Semiconductors) rose by 12.0 percent, comprising 26.5 percent of the total exports. Higher sales were also recorded for other mineral products (74.0 percent yoy); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (50.7 percent); articles of apparel and clothing accessories (44.9 percent); metal components (35.6 percent); coconut oil (10.7 percent); woodcraft and furniture (9.1 percent) and electronic products (2.7 percent). In contrast, exports of chemicals declined by 26.5 percent.

By country, exports to all destinations expanded. Sales to Hong Kong rose by 40.8 percent and accounted for 12.5 percent of total exports revenues. Outward shipments to Japan, the country's top destination of exports, increased by 24.4 percent and it comprised 22.2 percent of the total share. Exports to the US and China registered a 28.1 percent and a 1.7 percent rise respectively while those to Singapore rose by 7.8 percent.

In July, imports amounted to USD 5.49 billion as compared to relatively the same amount a year ago. Higher purchases were recorded for transport equipment (52.5 percent); miscellaneous manufactured articles (48.3 percent); plastic in primary and non-primary forms (22.9 percent); iron and steel (21.1 percent); mineral fuels, lubricants and related materials (20.4 percent); organic and inorganic chemicals (8.9 percent) and telecommunication and equipment electrical machinery (2.1 percent). Lower inbound shipments were seen for electronic products (-29.8 percent), accounting for 20.8 percent of total imports, and industrial machinery and equipment (-5.3 percent), contributing for 5 percent of the total share.

During January to July of 2014, exports increased 8.5 percent over a year earlier to USD 35.12 billion and imports rose 4.8 percent to USD 35.24 billion. That brought the trade deficit from January to July of 2014 to USD 1.67 billion, compared to a USD 2.87 billion gap in the same period last year.

National Statistics Office l Rida l rida@tradingeconomics.com
9/25/2014 4:30:23 AM


Recent Releases

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

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. Published on 2014-07-25


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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 $ 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 $ -33M $ -106M $ 257.5M


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 [+]