Merchandise Imports in Philippines
Merchandise imports in the Philippines were worth USD 137.2 billion in 2022, compared to USD 62.4 billion ten years earlier, and averaged USD 94.7 billion over the last decade. For more imports information, visit our dedicated page.
Philippines Merchandise Imports Chart
Philippines Merchandise Imports Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Merchandise Imports (USD bn) | 112.8 | 111.6 | 89.8 | 116.9 | 137.2 |
Merchandise Imports (ann. var. %) | 17.4 | -1.1 | -19.5 | 30.1 | 17.4 |
Merchandise exports slide in December
Merchandise exports decreased 0.5% on an annual basis in December (November: -13.0% year-on-year). Meanwhile, merchandise imports declined 5.1% on an annual basis in December (November: +1.3% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 4.0 billion shortfall in December (November 2023: USD 4.7 billion deficit; December 2022: USD 4.5 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 52.4 billion deficit in December, compared to the USD 52.9 billion deficit in November.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Philippine merchandise imports projections for the next ten years from a panel of 4 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 imports forecast available for Philippine merchandise imports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Philippine merchandise imports projections.
Want to get access to the full dataset of Philippine merchandise imports forecasts? Send an email to info@focus-economics.com.
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