Latest reading: Merchandise exports increased 4.4% year-on-year in August (July: +7.2% year-on-year). The figure marked the softest expansion since February...
Merchandise Exports in Philippines
Merchandise exports were worth USD 73.3 billion in 2024 in Philippines compared to USD 62.1 billion ten years earlier, and averaged USD 68.5 billion over the last decade. For more exports information, visit our dedicated page.
Philippines Merchandise Exports Chart
Note: This chart displays Exports (USD billion) for Philippines from 2014 to 2024.
Source: Macrobond.
Philippines Merchandise Exports Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Merchandise Exports (USD bn) | 65.2 | 74.7 | 79.6 | 73.6 | 73.3 |
| Merchandise Exports (ann. var. %) | -8.1 | 14.5 | 6.5 | -7.5 | -0.5 |
Merchandise exports growth hits over one-year high in June
Latest reading: Merchandise exports jumped 26.1% in annual terms in June, following May’s 15.5% upturn. June’s figure marked the fastest outturn since April 2024 and was buoyed by surging electronics shipments, which made up more than half of export earnings. Gold shipments rose to 130.9% (May: +102.2% yoy) as global safe haven demand strengthened. Regarding key trading partners, growth in exports to the U.S. surged from 3.6% in May to 35.2% in June, likely reflecting export frontloading ahead of higher U.S. tariffs expected from 7 August. Meanwhile, merchandise imports jumped 10.8% over the same month last year in June (May: -1.1% yoy). As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.0 billion shortfall in June (May 2025: USD 3.6 billion deficit; June 2024: USD 4.3 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 53.2 billion deficit in June, compared to the USD 53.6 billion deficit in May.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Philippine merchandise exports projections for the next ten years from a panel of 6 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise exports forecast available for Philippine merchandise exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Philippine merchandise exports projections.
Want to get access to the full dataset of Philippine merchandise exports forecasts? Send an email to info@focus-economics.com.
Latest Global Trade News
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China: Merchandise exports increase in August -
Taiwan: Merchandise exports continue to surge in August Latest reading: Merchandise exports soared 34.1% over the same month last year in August, on the heels of July’s 42.0%... -
Korea: Merchandise exports rise at a slower rate in August Latest reading: Merchandise exports increased 1.3% year-on-year in August (July: +5.8% year-on-year). This was less than half market expectations, with... -
Philippines: Merchandise exports grow at a more moderate pace in July Latest reading: Merchandise exports jumped 17.3% in annual terms in July (June: +26.9% year-on-year). Meanwhile, merchandise imports expanded 2.3% on... -
Thailand: Merchandise exports growth slows in July Latest reading: Merchandise exports climbed 9.6% year on year in July, on the heels of June’s 16.0% upturn. The figure... -
Mexico: Merchandise exports rise at a more moderate rate in July Latest reading: Merchandise exports rose 4.0% annually in July (June: +10.6% year-on-year) on stronger sales of manufactured and mining goods.... -
Indonesia: Merchandise exports gain steam in June Latest reading: Merchandise exports shot up 13.1% in annual terms in June, on the heels of May’s 9.3% increase. Meanwhile,...