Philippines (PHL) Exports, Imports, and Trade Partners | The Observatory of Economic Complexity (2024)

FAQs

What is the economic complexity of the Philippines? ›

Economic Complexity Ranking

During the last 20 years Philippines's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨63rd to the 38th⁩ position in the ECI rank. These economic complexity rankings use 6 digit exports classified according to the HS96 classification.

Philippines trade balance, exports and imports by country

In 2021, Philippines major trading partner countries for exports were United States, China, Japan, Hong Kong, China and Singapore and for imports they were China, Japan, Korea, Rep., Indonesia and United States.

The biggest import product of the Philippines is electrical machinery and equipment worth $32.54 billion in 2023. Discover the top 10 import products of the Philippines in 2023 along with major import trends.

Philippines exports of goods and services as percentage of GDP is 25.75% and imports of goods and services as percentage of GDP is 37.73%.

But persistent challenges — including inequality, poverty, subpar educational outcomes, healthcare access issues, insufficient foreign investment and corruption —pose substantial hurdles.

Key challenges face the country: significantly high unemployment numbers; a high inflation rate (forecast to reach 5.1 percent in 2023); rising policy rates; import and export bottlenecks; and the declining strength of the Philippine peso against the American dollar.

People's Republic of China had the highest import value

People's Republic of China was the country's largest supplier of imported goods valued at USD 2.18 billion or 22.8 percent of the country's total imports in February 2024.

Exports in Philippines account for nearly a third of GDP. Major exports are: electronic products (42 percent), other manufactures (10 percent) and woodcrafts and furniture (6 percent). Philippines is also the world's largest producer of coconut, pineapple and abaca.

People's Republic of China had the highest import value

People's Republic of China was the country's largest supplier of imported goods valued at USD 29.39 billion or 23.3 percent of the country's total imports in 2023.

Industry and Trade. Services, industry, and agriculture are the main sectors of the Philippine economy. Food processing, cement, iron, and steel production, and telecommunications are among the country's most significant contributors.

What is the Philippines top export to the US? ›

Key imports from the Philippines are semiconductor devices and computer peripherals, automobile parts, electric machinery, textiles and garments, wheat and animal feeds, coconut oil, and information technology/business process outsourcing services.

The total agricultural imports was valued at USD 4.64 billion, representing a share of 14.7 percent to the country's total imports in the fourth quarter of 2023. It registered a decline of 2.9 percent from the USD 4.78 billion worth of agricultural imports in the fourth quarter of 2022. (Figure 6, and Tables A and 1).

Of the total external trade in January 2024, 63.1 percent were imported goods, while the remaining were exported goods. By major trading partner, exports to USA comprised the highest export value amounting to USD 902.33 million or a share of 15.2 percent to the country's total exports in January 2024.

Jan. 25, 2024, at 8:10 p.m.

Economic Complexity Index (ECI) + A rank of countries based on how diversified and complex their export basket is. Countries that are home to a great diversity of productive know-how, particularly complex specialized know-how, are able to produce a great diversity of sophisticated products.

The Philippines has a mixed economic system that includes a variety of private freedom, combined with centralized economic planning and government regulation. The Philippines is a member of the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN).