Philippines recorded a trade deficit of 3954035.76 USD Thousand in June of 2025. This dataset provides the latest reported value for - Philippines Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The statistic shows the trade balance of goods of the Philippines from 2014 to 2024. Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2024, the trade deficit of the Philippines amounted to around ***** billion U.S. dollars.

The Philippines: Trade balance, billion USD: The latest value from 2023 is -47.2 billion U.S. dollars, an increase from -53.81 billion U.S. dollars in 2022. In comparison, the world average is 4.81 billion U.S. dollars, based on data from 148 countries. Historically, the average for the Philippines from 1977 to 2023 is -11.2 billion U.S. dollars. The minimum value, -53.81 billion U.S. dollars, was reached in 2022 while the maximum of 1.81 billion U.S. dollars was recorded in 1986.

In 2024, the Philippines accumulated around *** billion U.S. dollars of trade surplus with the United States. The country's trade surplus with the U.S. peaked in 2022.

In 2024, the Philippines accumulated around *** billion U.S. dollars of surplus of services traded with the United States. The country's service trade surplus with the U.S. gradually increased since 2021.

United States Trade Balance: Philippines data was reported at -271.000 USD mn in May 2018. This records a decrease from the previous number of -252.000 USD mn for Apr 2018. United States Trade Balance: Philippines data is updated monthly, averaging -139.700 USD mn from Jan 1985 (Median) to May 2018, with 401 observations. The data reached an all-time high of 152.500 USD mn in Nov 2012 and a record low of -671.700 USD mn in Sep 2000. United States Trade Balance: Philippines data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.JA010: Trade Statistics: Census Basis: By Country: Trade Balance.

Philippines' total Exports in 2024 were valued at US$72.98 Billion, according to the United Nations COMTRADE database on international trade. Philippines' main export partners were: the United States, Japan and Hong Kong. The top three export commodities were: Electrical, electronic equipment; Machinery, nuclear reactors, boilers and Optical, photo, technical, medical apparatus. Total Imports were valued at US$134.88 Billion. In 2024, Philippines had a trade deficit of US$61.90 Billion.

In 2022, the ASEAN country which had the highest trade balance of goods was Malaysia, with a trade surplus of approximately ** billion U.S. dollars. Contrastingly, the Philippines had the lowest trade balance in goods, with a trade deficit of about ** billion U.S. dollars in the same year.

United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data was reported at -3.160 USD bn in 2017. This records a decrease from the previous number of -1.784 USD bn for 2016. United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data is updated yearly, averaging -398.150 USD mn from Dec 1948 (Median) to 2017, with 70 observations. The data reached an all-time high of 212.000 USD mn in 1948 and a record low of -5.599 USD bn in 1998. United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.DOT: Trade Balance: by Country: Annual.

The statistic shows the trade balance of goods (exports minus imports of goods) in the ASEAN countries in Asia from 2013 to 2023. A positive value means a trade surplus, a negative trade balance means a trade deficit. The ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. In 2023, the trade surplus of goods in Brunei amounted to about **** billion U.S. dollars.

Philippines' total Imports in 2024 were valued at US$134.88 Billion, according to the United Nations COMTRADE database on international trade. Philippines' main import partners were: China, Indonesia and Japan. The top three import commodities were: Electrical, electronic equipment; Mineral fuels, oils, distillation products and Machinery, nuclear reactors, boilers. Total Exports were valued at US$72.98 Billion. In 2024, Philippines had a trade deficit of US$61.90 Billion.

Time series data for the statistic Trade_Balance_Vietnam_of_the_Philippines. Indicator Definition:Goods, Value of Trade Balance, US DollarsThe indicator "Goods, Value of Trade Balance, US Dollars" stands at 334.23 Million as of 3/31/2025. Regarding the One-Year-Change of the series, the current value constitutes an decrease of -30.89 Million compared to the value the year prior.The Serie's long term average value is 78.31 Million. It's latest available value, on 3/31/2025, is 255.92 Million higher, compared to it's long term average value.The Serie's change from it's minimum value, on 9/30/1991, to it's latest available value, on 3/31/2025, is +337.33 Million.The Serie's change from it's maximum value, on 8/31/2024, to it's latest available value, on 3/31/2025, is -86.45 Million.

The statistic shows the trade balance of goods of the Philippines from 2013 to 2023. Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2023, the trade deficit of the Philippines amounted to around 60.28 billion U.S. dollars.

United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data was reported at -271.046 USD mn in May 2018. This records a decrease from the previous number of -251.984 USD mn for Apr 2018. United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data is updated monthly, averaging -69.900 USD mn from Feb 1960 (Median) to May 2018, with 698 observations. The data reached an all-time high of 152.472 USD mn in Nov 2012 and a record low of -720.900 USD mn in Sep 2000. United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.DOT: Trade Balance: by Country: Monthly.

United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data was reported at -951.432 USD mn in Mar 2018. This records a decrease from the previous number of -591.090 USD mn for Dec 2017. United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data is updated quarterly, averaging -222.900 USD mn from Mar 1960 (Median) to Mar 2018, with 233 observations. The data reached an all-time high of 104.000 USD mn in Mar 1980 and a record low of -1.792 USD bn in Sep 1999. United States US: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: Philippines data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.DOT: Trade Balance: by Country: Quarterly.

Abstract

The National Statistics Office became the sole agency to compile foreign trade statistics starting in 1973.

Prior to this period, the Central Bank of the Philippines (now known as Bangko Sentral ng Pilipinas) also compiled and released foreign trade data. However, the differences in the concepts used by these two agencies resulted to conflicting foreign trade data. This led to an agreement that NSO be the sole compiler of the official foreign trade statistics.

The Philippines adopts the "General" trade system of recording foreign trade statistics. The customs frontier (not the national boundary) is used as the statistical frontier. Under this system, all goods entering any of the seaports or airports of entry of the Philippines properly cleared through customs or remaining or under customs control are considered imports, whether the goods are for direct consumption, for merchandising, for warehousing or further processing. On the other hand, all goods leaving the country, which are properly cleared through the Customs, are considered exports. A distinction however, is made between export for goods grown, mined or manufactured in the Philippines (domestic exports) and exports of imported goods that do not undergo physical and/or chemical transformation in the Philippines (re-exports).

The collected data on import and export documents will generate economic statistics needed to guide both government and the private sectors in policy making, business planning and development. Specifically, foreign trade data (import and export) are used as components in the computation of the Balance of Payment (BOP) by the Bangko Sentral ng Pilipinas (BSP); as input in estimating National Accounts (NA) by the National Statistical Coordination Board (NSCB); and as input in research study by public and private entities both local and international.

Geographic coverage

National Coverage

Analysis unit

All goods entering or leaving any of the seaports or airports of entry of the Philippines properly cleared through the Bureau of Customs.

Universe

All Customs ports in the Philippines (seaports/airports).

Foreign trade relates to commerce between the Philippines and other countries transported by sea or air whether for private or government utilization, commercial purposes, as gifts or samples. Also included are animals for the zoo, for breeding and the like. However, the following are excluded in the compilation of import and export statistics:

a. All import and export transsactions with FOB Value less than $25 US Dollars b. Fish and other marine products landed by Philippine vessel direct from the sea; c. Goods imported and exported by, or on behalf of diplomatic services and armed forces; d. Exposed cinematographic films imported or exported on rental basis; e. Personal effects of passenger on which no duty was paid; f. Issued currency notes and coins; g. Goods in transit to foreign countries; h. Stores and fuels purchased abroad by ships and aircrafts of Philippine registry; and i. Goods sent through parcel post.

Since 1982, goods are considered imported/exported on the date the carrying vessel/aircraft arrives/departs at the port/airport of unloading/loading.

Kind of data

Administrative records data [adm]

Sampling procedure

Not Applicable

Sampling deviation

Not Applicable

Mode of data collection

Other [oth]- Self Administered Administrative Form

Research instrument

Foreign trade statistics are compiled by the National Statistics Office (NSO) from copies of import and export documents submitted to the Bureau of Customs (BOC) by importers and exporters or their authorized representatives as required by law.

A. List of source documents for the generation of import statistics:

 1. BOC Import Entry & Internal Revenue Declaration (Form No. 236) 
 2. Informal Import Declaration and Entry (BC Form No. 177)
 3. Customs- EPZA Warehousing Entry (BC Form No. 242 -CEWE)
 4. BOC Single Administrative Document 

B. List of source documents for the generation of export statistics:

1. Export Declaration (ED)
2. PEZA Export Tally (PEZA Form No. 8104)
3. Export Entry Declaration
4. Special Permit to Load (SPL)

Cleaning operations

Data processing is done both manual and machine.

Copies of import and export documents collected by NSO personnel from all customs ports in the Philippines are systematically controlled. Collected documents are sorted by month, by port, by single or multiple commodity entries and by value. About 100 entries are assigned with control numbers and folioed together for the convenience of coders and encoders and for easy processing of the processors. Each folio then undergoes the following stages of processing:

1. Coding - process of translating each item of information found in the source document to its equivalent alphabetic and/or numeric code in accordance with the country, commodity, exporter, handling, carrier or port classification used
2. Code verification - process of determining the appropriateness of codes used
3. Computation - process of computing the FOB, insurance and freight values and converting each value into US dollars
4. Completeness, consistency check and validation of totals and other variables.

Quality control of coding and computation for both imports and exports is carried through sample verification. This method enables the verifier to decide after a number of entries have been verified whether to reject, continue or accept the folio. The number and type of errors are recorded and brought to the attention of the coder. Further training is given on pinpointed causes of errors of coders to improve the quality of their work.

Response rate

Not Applicable

Sampling error estimates

Not Applicable

Philippines PH: Trade Balance: Advanced Economies: United States data was reported at 1.797 USD bn in 2017. This records an increase from the previous number of 989.756 USD mn for 2016. Philippines PH: Trade Balance: Advanced Economies: United States data is updated yearly, averaging 76.945 USD mn from Dec 1948 (Median) to 2017, with 70 observations. The data reached an all-time high of 4.993 USD bn in 2000 and a record low of -1.676 USD bn in 2005. Philippines PH: Trade Balance: Advanced Economies: United States data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Philippines – Table PH.IMF.DOT: Trade Balance: by Country: Annual.

Philippines PH: Trade Balance: Advanced Economies: United States data was reported at 178.498 USD mn in May 2018. This records an increase from the previous number of 175.305 USD mn for Apr 2018. Philippines PH: Trade Balance: Advanced Economies: United States data is updated monthly, averaging 20.033 USD mn from Jan 1960 (Median) to May 2018, with 634 observations. The data reached an all-time high of 826.662 USD mn in Dec 2000 and a record low of -420.685 USD mn in Dec 2012. Philippines PH: Trade Balance: Advanced Economies: United States data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Philippines – Table PH.IMF.DOT: Trade Balance: by Country: Monthly.

Philippines PH: Trade Balance: Advanced Economies: United States data was reported at 516.458 USD mn in Mar 2018. This records an increase from the previous number of -97.954 USD mn for Dec 2017. Philippines PH: Trade Balance: Advanced Economies: United States data is updated quarterly, averaging 53.700 USD mn from Mar 1960 (Median) to Mar 2018, with 233 observations. The data reached an all-time high of 1.621 USD bn in Dec 2000 and a record low of -658.264 USD mn in Mar 2004. Philippines PH: Trade Balance: Advanced Economies: United States data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Philippines – Table PH.IMF.DOT: Trade Balance: by Country: Quarterly.

Philippines PH: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: American Samoa data was reported at 0.084 USD mn in 2017. This records a decrease from the previous number of 2.011 USD mn for 2016. Philippines PH: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: American Samoa data is updated yearly, averaging 0.726 USD mn from Dec 1989 (Median) to 2017, with 27 observations. The data reached an all-time high of 2.621 USD mn in 2015 and a record low of 0.058 USD mn in 2006. Philippines PH: Trade Balance: Emerging and Developing Economies: Emerging and Developing Asia: American Samoa data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Philippines – Table PH.IMF.DOT: Trade Balance: by Country: Annual.