Latest reading: In May, the trade balance was USD +105.4 billion, following a USD +84.8 billion figure in the prior...
Merchandise Imports in Philippines
Merchandise imports in Philippines were worth USD 127.6 billion in 2024, compared to USD 65.4 billion ten years earlier, and they averaged USD 103.5 billion over the last decade. For more information on imports, visit our dedicated page.
Philippines Merchandise Imports Chart
Note: This chart displays Imports (USD billion) for Philippines from 2014 to 2025.
Source: Macrobond.
Philippines Merchandise Imports Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Merchandise Imports (USD bn) | 116.9 | 137.2 | 126.2 | 127.6 | 134.2 |
| Merchandise Imports (ann. var. %) | 30.1 | 17.4 | -8.0 | 1.1 | 5.2 |
Merchandise trade deficit widens in April
Latest reading: In April, the trade balance was USD -6.0 billion, following a USD -5.0 billion reading in the prior month. This marked the largest deficit since August 2022. Over the last 12 months, the trade balance summed to USD -52.6 billion. Merchandise exports rose 6.3% in year-on-year terms in April, following 20.8% growth in the prior month. April's reading was the weakest since August 2025. Merchandise imports rose 22.4% in annual terms in April, following 17.0% growth in the previous month. April's reading was the strongest since August 2022.
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 imports projections for the next ten years from a panel of 7 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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