Philippines trade deficit widened further in FY 2023

 The Philippines is an emerging economy. During the financial year 2022, the Philippines did numerous imports and exports. According to the Philippines import export data records, the country's exports had recorded an increase of 5.8% during the financial year 2022.

Philippines total exports value was estimated around 79 billion dollars in 2022 while it was around 74 billion dollars during 2021. The United States covered over 15% share of Philippines total exports. Japan, China, Hong Kong and Singapore were other major destinations for Philippines exports.

Electrical machinery and equipment were the most imported items from the Philippines. As per Philippines customs data reports, these accounted for over 43 billion dollars in FY 2022. Coconut, Printing Machinery, Copper, Semiconductor devices and Nickel ores were among top Philippines exports.

On the other hand, Philippines imports rose up to 17% in 2022 as compared to the financial year 2021. According to Philippines import data reports, around 145 billion dollars worth of imports were recorded for the Philippines in 2022. In 2021, it was 124 billion dollars. This has widened the Philippines trade gap by 64 billion dollars. 

China was the top import trading partner of the Philippines during 2022 with a share of over 20% in Philippines total imports. After China, Indonesia, Japan, South Korea and the United States were other major export destinations to the Philippines.

Electrical Machinery and Mineral fuels were the most imported products by the Philippines in 2022.  These products contributed to around 50% share of Philippines total imports. The total worth for these products were around 57 billion dollars in FY 2022. Other major imports by the Philippines were Coal, Petrol, Wheat, and Motor cars.

According to the latest market trends, the Philippines trade deficit further increased to 4.9 billion dollars during March 2023. Compared to the same period last year, it was 7% more. Philippines total trade value was estimated around 18 billion dollars in March 2022.

Our Philippines export data suggests that the country's exports amounted to 6.4 billion dollars with a decline of 9% in comparison to 7 billion in March 2022. On the other hand, Philippines imports were 11.5 billion dollars in March 2023.

For the fiscal year 2023, Philippines exports are mostly dominated by Electronic goods. In March 2023, Philippines electronic goods exports were around 3.5 billion dollars. Whereas, other significant contributors to Philippines exports were mineral oil and other manufactured products with worth over 384 million and 385 million dollars respectively.

China, United States, Hong kong, Japan and Singapore were among top importers of Philippines goods during March 2023. Whereas, China was the leading exporter to the Philippines with over 3.6 billion  dollars during the period. Indonesia, South Korea, Japan and Thailand were other most favoured destinations for Philippines imports.

The Philippines government is looking to narrow down its trade deficit by focusing more on exports. Enhancing local production, focusing more on agriculture and other sectors could help Philippines exports grow. Philippines exporters can utilize the market research portal to find leads from the global market. 

Exim GTIS is the best available platform comprising the import export data reports of over 200+ countries. Through its excluding global importers and exporters database, Philippines suppliers could generate quality leads at less cost and boost their sales from the international market.