Philippines Balance of Trade

Last Release

Dec 31, 2024

Actual

-4,135,792.93

Units In

USD Thousand

-4,852,492.72

Frequency

Monthly

Next Release

Feb 28, 2025

Time to Release

1 Months 0 Days 3 Hours

Highest	Lowest	Average	Date Range	Source
1,144,700 Sep 1999	-6,002,680 Aug 2022	-664,419.72 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 Philippines' trade deficit slightly narrowed to USD 4.1 billion in December 2024, down from USD 4.2 billion in the same month last year. Exports declined by 2.2% year-on-year to USD 5.7 billion, driven by lower sales of electronic products (-17.1%), particularly components, devices, and semiconductors (-30.1%). The US accounted for the largest share of exports (16.6%), followed by Japan (14.1%) and China (12.9%). Meanwhile, imports fell by a milder 1.7% to USD 9.8 billion, mainly due to reduced purchases of transport equipment (-24.2%) and mineral fuels, lubricants, and related materials (-3.5%). China remained the top source of imports (25.8%), followed by Japan (7.9%) and South Korea (7.6%). For the full year, the trade deficit widened to USD 54.2 billion from USD 52.6 billion in the previous year, as exports dropped by 0.5% while imports rose by 1%.