Philippines Trade June 2018


Philippines: Merchandise trade deficit shrinks in June

August 8, 2018

Merchandise exports declined 0.1% in annual terms in June, coming in above May’s revised 1.8% contraction (previously reported: -3.8% year-on-year). May’s result reflected contractions in 4 of the 10 top commodity categories. Mineral products other than gold recorded the largest decrease, followed by chemicals; ignition wiring sets used in vehicles, aircraft and ships; and fresh bananas..

Growth in imports surged from a revised 12.6% in May (previously reported: +11.4% yoy) to 24.2% in June. The faster expansion was driven by an across-the-board acceleration in all 10 top commodity categories of the index.

The merchandise trade balance in June recorded a USD 3.4 billion deficit, lower than the 3.7 billion deficit recorded in May, but more than twice the USD 1.5 billion deficit logged in June 2017.

FocusEconomics Consensus Forecast panelists see exports and imports growing 2.8% and 9.9% respectively in 2018, which would bring the trade deficit to USD 34.9 billion. For 2019, the panel foresees exports and imports growing 9.5% and 9.6% respectively, with the trade deficit widening to USD 38.4 billion.

Author:, Economist

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Philippines Trade Chart

Philippines Exports yoy June 2018

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

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