Philippines Trade Balance August 2021


Philippines: Merchandise exports gain steam in August

October 12, 2021

Merchandise exports jumped 17.6% annually in August (July: +13.8% year-on-year), aided by higher sales of electronics. Meanwhile, merchandise imports climbed 30.8% in annual terms in August (July: +29.5% yoy), spurred by much higher energy prices.

As a result, the merchandise trade balance improved from the previous month, recording a USD 3.6 billion deficit in August (July 2021: USD 3.7 billion deficit; August 2020: USD 2.2 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 34.2 billion deficit in August, compared to the USD 32.8 billion deficit in July.

FocusEconomics Consensus Forecast panelists see exports rising 12.3% in 2021, while imports are seen increasing 21.5%, with a trade balance of USD minus 35.9 billion. In 2022, exports and imports are seen rising 10.2% and 14.4% respectively, with a trade balance of USD minus 44.1 billion.


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Philippines Trade Balance Chart

Philippines Exports yoy August 2021

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

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