Philippines Balance of Trade

Last Release

Oct 31, 2024

Actual

-5,802,863

Units In

USD Thousand

-5,086,999

Frequency

Monthly

Next Release

Jan 10, 2025

Time to Release

29 Days 1 Hours

Highest	Lowest	Average	Date Range	Source
1,144,700 Sep 1999	-6,002,680 Aug 2022	-655,010.08 USD Thousand	1957-2024	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 trade deficit in the Philippines increased to USD 5.8 billion in October 2024 from USD 4.2 billion in the corresponding month of the previous year. This marked the largest trade deficit since August 2022, as exports fell 5.5% year-on-year to USD 6.2 billion, dragged down by lower sales of electronic products (-23.2%), cathodes and sections of cathodes, of refined copper (-14%), and other mineral products (-6.4%). Among main trading partners, the largest share in exports was accounted to the USA (16.2% of total exports), followed by Japan (15.3%) and China (13.9%). In contrast, imports climbed 11.2% from a year earlier to USD 12 billion, mainly due to higher purchases of electronic products (21%), transport equipment (37.4%), and cereals and cereal preparations (97.9%). The biggest share of purchases came from China (25.6% of total imports), followed by Indonesia (8.5%) and South Korea (8.3%). For the first ten months of 2024, the country posted a gap of USD 45.2 billion.