Philippines Trade Balance September 2022


Philippines: Merchandise exports rebound in September

November 4, 2022

Merchandise exports increased 7.0% year-on-year in September (August: -2.0% year-on-year). The outturn marked the largest outturn since February 2022. Meanwhile, merchandise imports climbed 14.1% over the same month last year in September (August: +26.2% yoy), marking the weakest result since February 2021.

As a result, the merchandise trade balance improved from the previous month, recording a USD 4.8 billion shortfall in September (August 2022: USD 6.0 billion deficit; September 2021: USD 3.8 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 60.3 billion deficit in September, compared to the USD 59.3 billion deficit in August.

Our panelists see exports rising 1.8% in 2023, while imports are seen increasing 1.3%, with a trade deficit of USD 56.2 billion. In 2024, exports are seen rising 7.7%.


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Philippines Trade Balance Chart

Philippines Exports yoy September 2022

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

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