Philippines Trade Balance July 2022


Philippines: Merchandise exports fall in July

September 9, 2022

Merchandise exports declined 4.2% annually in July (June: +1.0% year-on-year). July’s figure marked the largest contraction since January 2021. Meanwhile, merchandise imports climbed 21.5% in annual terms in July (June: +26.3% yoy), marking the weakest result since February 2021.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 5.9 billion deficit in July (June 2022: USD 5.9 billion deficit; July 2021: USD 3.5 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 56.5 billion deficit in July, compared to the USD 54.1 billion deficit in June.

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 July 2022

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

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