Philippines Trade Balance August 2022


Philippines: Merchandise exports decline in August

October 11, 2022

Merchandise exports decreased 2.0% on an annual basis in August, following July’s 4.1% decrease. Meanwhile, merchandise imports shot up 26.0% on an annual basis in August (July: +22.2% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 6.0 billion shortfall in August (July 2022: USD 6.0 billion deficit; August 2021: USD 3.3 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 59.3 billion deficit in August, compared to the USD 56.6 billion deficit in July.

FocusEconomics Consensus Forecast panelists see exports rising 3.3% in 2022, while imports are seen increasing 8.7%, with a trade deficit of USD 50.0 billion. In 2023, exports and imports are seen rising 4.0% and 3.8% respectively, with a trade deficit of USD 51.7 billion.


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Philippines Trade Balance Chart

Philippines Exports yoy August 2022

Note: Year-on-year and annual average variation of exports in %.
Source: Philippine Statistics Authority.

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