Philippines Trade Balance November 2021


Philippines: Merchandise exports gain steam in November

January 11, 2022

Merchandise exports jumped 6.6% on an annual basis in November, on the heels of October’s 2.0% increase. Meanwhile, merchandise imports climbed 36.8% in annual terms in November (October: +25.1% yoy), marking the best result since June 2021.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.7 billion shortfall in November (October 2021: USD 4.0 billion deficit; November 2020: USD 2.1 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 40.4 billion deficit in November, compared to the USD 37.8 billion deficit in October.

FocusEconomics Consensus Forecast panelists see exports rising 7.3% in 2022, while imports are seen increasing 10.8%, with a trade deficit of USD 45.1 billion. In 2023, exports and imports are seen rising 11.3% and 14.3% respectively, with a trade deficit of USD 54.0 billion.


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Philippines Trade Balance Chart

Philippines Exports yoy November 2021

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

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