Latest reading: In August, the trade balance was USD +12.8 billion, following a USD +17.1 billion reading in the previous...
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 2025 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 grow at a more moderate pace in July
Latest reading: Merchandise exports jumped 17.3% in annual terms in July (June: +26.9% year-on-year). Meanwhile, merchandise imports expanded 2.3% on an annual basis in July (June: +15.7% yoy). The merchandise trade balance improved from the previous month, recording a USD 4.0 billion shortfall in July (June 2025: USD 4.4 billion deficit; July 2024: USD 4.9 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 52.9 billion deficit in July, compared to the USD 53.7 billion deficit in June.
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 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 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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