Merchandise Exports in Philippines
Merchandise exports from the Philippines were worth USD 79.0 billion in 2022, compared to USD 56.7 billion a decade ago, and averaged USD 66.3 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 2023.
Source: Macrobond.
Philippines Merchandise Exports Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Merchandise Exports (USD bn) | 70.9 | 65.2 | 74.7 | 79.6 | 73.6 |
Merchandise Exports (ann. var. %) | 2.3 | -8.1 | 14.5 | 6.5 | -7.5 |
Merchandise exports drop in May
Merchandise exports declined 3.1% in annual terms in May, following April’s 27.9% upturn. Meanwhile, merchandise imports were broadly stable on an annual basis in May (April: +13.0% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 4.6 billion shortfall in May (April 2024: USD 4.7 billion deficit; May 2023: USD 4.4 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 49.5 billion deficit in May, compared to the USD 49.3 billion deficit in April.
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 5 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.
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