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
Note: This chart displays Imports (USD billion) for Philippines from 2013 to 2022.
Source: Philippine Statistics Authority.
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 fall in September
Merchandise exports contracted 6.3% on an annual basis in September (August: +4.2% year-on-year). September’s figure marked the largest fall since April. Meanwhile, merchandise imports plummeted 14.7% over the same month last year in September (August: -13.0% yoy). Nevertheless, the merchandise trade balance improved from the previous month, recording a USD 3.5 billion shortfall in September (August 2023: USD 4.1 billion deficit; September 2022: USD 4.8 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 51.4 billion deficit in September, compared to the USD 52.7 billion deficit in August.
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.