Philippines Balance of Trade

Last Release

Feb 28, 2025

Actual

-3,155,413

Units In

USD Thousand

-5,122,188

Frequency

Monthly

Next Release

Apr 30, 2025

Time to Release

29 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
1,144,700 Sep 1999	-6,002,680 Aug 2022	-672,914.54 USD Thousand	1957-2025	National Statistics Office of Philippines

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.

Latest Updates

The Philippines’ trade deficit narrowed to USD 3.2 billion in February 2025, down from USD 3.6 billion in the same month last year. Exports rose 3.9% year-on-year to USD 6.3 billion, driven by higher sales of coconut oil (+111.8%), gold (+37.5%), other manufactured products (+34.6%), and electronic products (+2.5%), particularly medical instrumentation (+95.2%). The US was the largest export destination, accounting for 15.8% of total shipments, followed by Japan (15.7%), Hong Kong (14%), and China (10.3%). Meanwhile, imports fell 1.8% to USD 9.4 billion, due to lower purchases of mineral fuels, lubricants, and related materials (-23.2%), iron and steel (-13.2%), and miscellaneous manufactured articles (-3.7%). China remained the top import source (26.1%), followed by Japan (8.9%), Indonesia (8.5%), and South Korea (7.1%). For the first two months of the year, the trade deficit widened to USD 8.3 billion, compared to USD 7.9 billion in the same period last year.