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

Philippines recorded a trade deficit of 55589 USD Thousand in October of 2014. Balance of Trade in Philippines averaged -232733.83 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.

      Forecast    
Philippines Balance of Trade


Actual Previous Highest Lowest Dates Unit Frequency
-55589.00 280966.00 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, January 26, 2015.


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.

In October, exports rose 2.9 percent year-on-year and amounted to USD 5.17 billion from a revised USD 5.03 billion in the preceding month. Sales of machinery & transport equipment increased by 207.5 percent year-on-year and accounted for 7.2 percent of total exports revenue. Exports were also higher for coconut oil (+145.0 percent), other manufactures (+9.4 percent) and metal components (+8.9 percent). Sales of electronic products, the country's top exports and accounting for 43.0 percent of the total sales, rose 4.5 percent.  Among the major groups of electronic products, Components/Devices (Semiconductors) rose by 6.9 percent, comprising 29.5 percent of the total exports.  In contrast, exports of woodcrafts and furniture declined the most by 33.7 percent, followed by other mineral products (-25.7 percent); articles of apparel and clothing accessories (-7.5 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-6.2 percent) and chemicals (-6.0 percent).
 
By country, outward shipments to Japan, the country's top destination of exports, increased by 4.7 percent and it comprised 21.7 percent of the total. Exports to the US and  Hong Kong rose 7.5 percent and 32.7 percent respectively. Sales to the EU countries grew 1.2 percent and accounted for 11.7 percent share to total.
 
In contrast, sales to China declined by 3.0 percent while those to Singapore fell by 13.5 percent. Exports to ASEAN countries decreased by 9.0 percent and accounted for 15 percent of the total.  
 
In October, imports grew 7.5 percent and amounted to USD 5.21 billion from a revised USD 4.84 billion in the previous month. Higher purchases were recorded for plastics in primary and non-primary forms (+71.5 percent); iron and steel (+67.0 percent); other food and live animals (+59.7 percent); miscellaneous manufactured articles (+51.2 percent); mineral fuels, lubricants and related materials (+18.7 percent); telecommunication equipment and electrical machinery (+14.8 percent); industrial machinery and equipment (+11.2 percent) and cereals and cereal preparations (+9.9 percent). Lower inbound shipments were seen for transport equipment (-11.9 percent with 10.7 percent  share of total purchases) and electronic products (-11.3 percentwith 21.3 percent share of total imports). Among the major group of electronic products, Components/Devices (semiconductors) fell by 16.5 percent year-on-year and accounted for the biggest share of 15.0 percent among electronic products.
 
Purchases from China, the largest source of imports in October, rose by 35.2 percent year-on-year and amounted to USD 851.84 million. Higher imports were recorded from Japan (+5.2 percent; amounted to USD 448.13 million), Taiwan (+6.9 percent; amounted to USD 411.58 million) and the ASEAN countries (+32.9 percent; amounted to USD 1.44 billion). In contrast, purcahes from the US and the EU counytries declined by 11.9 percent and 25.1 percent respectively.
 
During January to October of 2014, exports increased 9.2 percent over a year earlier to USD 51.76 billion and imports rose 4.0 percent to USD 53.42 billion. That brought the trade deficit from January to October 2014 to USD 1.67 billion, compared to a USD 3.96 billion gap in the same period last year.

In October 2013, Philippines registered a USD 20.15 billion trade surplus.

National Statistics Office l Rida l rida@tradingeconomics.com
12/23/2014 9:34:33 AM


Recent Releases

Philippines Posts Trade Surplus in September
Philippines reported a USD 281 million trade surplus in September of 2014, reversing from a USD 654 million deficit a year earlier, and far above market forecasts. Exports grew 15.7 percent, while imports declined 2.6 percent. Published on 2014-11-25

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. Published on 2014-10-24


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-10-24 02:00 AM
Balance of Trade  Aug
$ -16.6M $ -33M $ -106M $ 257.5M
2014-11-25 01:00 AM
Balance of Trade  Sep
$ 281M $ -16.6M $ -21.3M
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
$ -55.6M $ 348.2M
2015-02-23 01:00 AM
Balance of Trade  Dec
$ 476.5M
2015-03-23 01:00 AM
Balance of Trade  Jan
$ 393.8M


Philippines Trade Last Previous Highest Lowest Unit
Balance of Trade -55589.00 280966.00 1144700.00 -1657980.00 USD Thousand [+]
Exports 5178401.28 5151058.00 5848900.66 23000.00 USD Thousand [+]
Imports 5206646.68 5567935.16 5954820.00 37084.30 USD Thousand [+]
Current Account 1283.00 708.00 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 2121653.60 2223922.20 2223922.20 64208.00 USD Thousand [+]
Tourist Arrivals 405970.00 428144.00 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 -925.00 Nov/14 -877.00 2219.00 -3897.00 AUD Million [+]
Brazil 293.00 Dec/14 -2350.52 5659.37 -4058.14 USD Million [+]
Canada -644.30 Nov/14 -327.00 8524.80 -2902.90 CAD Million [+]
China 496.13 Dec/14 544.76 544.76 -319.71 USD Hundred Million [+]
Euro Area 19954.00 Nov/14 23646.00 23646.00 -16638.00 EUR Million [+]
France -3236.00 Nov/14 -4270.00 2674.00 -7086.00 EUR Million [+]
Germany 17883.46 Nov/14 22100.00 23400.00 -535.91 EUR Million [+]
India -9430.00 Dec/14 -16861.10 258.90 -20210.90 USD Million [+]
Indonesia -425.70 Nov/14 20.00 4641.92 -2329.13 USD Million [+]
Italy 3541.23 Nov/14 5396.00 6923.00 -6389.30 EUR Million [+]
Japan -660.70 Dec/14 -893.52 1608.67 -2795.04 JPY Billion [+]
Mexico -1076.36 Nov/14 143.00 1710.25 -3292.30 USD Million [+]
Netherlands 4531.00 Nov/14 4849.00 4948.70 -907.60 EUR Million [+]
Russia 13359.00 Nov/14 14222.00 20356.00 -185.00 USD Million [+]
South Korea 5780.00 Dec/14 5510.00 7380.00 -4043.45 USD Million [+]
Spain -1555245.00 Nov/14 -2240060.00 634935.00 -9834766.00 EUR Thousand [+]
Switzerland 3868.33 Nov/14 3226.00 3901.00 -1478.68 CHF million [+]
Turkey -8316.49 Nov/14 -6273.41 24.51 -10453.06 USD Million [+]
United Kingdom -1406.00 Nov/14 -2246.00 2946.00 -5397.00 GBP Million [+]
United States -39001.00 Nov/14 -42249.00 1946.00 -67823.00 USD Million [+]