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Trade Balance of Goods in Philippines: Overview from 2017 to 2023

Trade Balance of Goods in Philippines: Overview from 2017 to 2023

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TGM StatBox. (2024). Trade Balance of Goods in Philippines: Overview from 2017 to 2023. TGM StatBox.
Chart Details
Data Source: Calculate based World Trade Organization (WTO)'s data (export - import)
Timeframe: 2017-2023
Country: Philippines
Published date: 2024
Note: The trade balance reflects the difference between the value of a country’s exports and imports of goods. This figure was calculated by TGM StatBox, using data from the World Trade Organization (WTO). A positive balance signals a surplus, while a negative one indicates a deficit.
Key Takeaways
The Philippines consistently recorded trade deficits from 2017 to 2023, with the gap widening from -33,188.8 million USD in 2017 to -66,936.6 million USD in 2022, driven by increased imports of machinery, electronics, and consumer goods amid strong domestic demand. The deficit slightly narrowed to -60,061.0 million USD in 2023, reflecting a combination of export growth in electronics and moderating import costs.

The persistent deficit highlights the Philippines’ reliance on imported capital goods and raw materials to support its growing manufacturing and construction sectors. Efforts to diversify exports and improve local production capacity will be critical to addressing the trade imbalance in the long term.

Discover additional trends and data on Philippines’ manufacturing sector share in GDP, Philippines’ export value, Philippines’ industry share in GDP.

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