Latest reading: Merchandise exports were broadly stable in June, falling just 0.1% year-on-year, following May’s 2.2% fall. Meanwhile, merchandise imports...
Merchandise Trade Balance in Philippines
The merchandise trade balance in Philippines averaged USD -35.0 billion in the decade to 2024. The 2024 reading was USD -54.3 billion. For more information on trade, visit our dedicated page.
Philippines Trade Chart
Note: This chart displays Trade Balance (USD billion) for Philippines from 2014 to 2024.
Source: Macrobond.
Philippines Trade Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Merchandise Trade Balance (USD bn) | -24.6 | -42.2 | -57.6 | -52.6 | -54.3 |
Merchandise exports gain steam in May
Latest reading: Merchandise exports soared 15.1% annually in May, on the heels of April’s 7.6% rise. May’s result marked the most robust increase since April 2024. Meanwhile, merchandise imports fell 4.4% in annual terms in May (April: -2.5% yoy), marking the weakest reading since June 2024. As a result, the merchandise trade balance improved from the previous month, recording a USD 3.3 billion deficit in May (April 2025: USD 4.0 billion deficit; May 2024: USD 4.7 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 53.3 billion deficit in May, compared to the USD 54.7 billion deficit in April.
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 trade 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 trade forecast available for Philippine trade.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Philippine trade projections.
Want to get access to the full dataset of Philippine trade forecasts? Send an email to info@focus-economics.com.
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