Trade Trend

In 2023, Philippines's total export value is 72.92Billion USD, total import value is 133.76Billion USD, Deficit is -60.84Billion USD, and foreign trade dependency is 0.473. In 2023，Philippines's top export products are Electronic integrated circuits(25.57Billion USD), Insulated wire, cable and other electric conductors, connector fitted or not; optical fibre cables of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors(3.05Billion USD), Copper; refined and copper alloys, unwrought(1.96Billion USD), top export destinations are United States(11.41Billion USD), China(10.65Billion USD), Japan(10.43Billion USD). In 2023, Philippines's top import products are Electronic integrated circuits(12.98Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(11.22Billion USD), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(4.89Billion USD), top import origins are China(30.93Billion USD), Indonesia(12.28Billion USD), Japan(10.92Billion USD).

Comparing to 2022, Philippines's total export value decreased -6.01Billion USD(-7.61%) in 2023, this could result from its export decreases of products such as Electronic integrated circuits(-2.19Billion USD or -7.90%), Automatic data processing machines and units thereof, magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included(-1.01Billion USD or -43.89%), Coconut (copra), palm kernel or babassu oil and their fractions; whether or not refined but not chemically modified(-949.61Million USD or -44.70%) and export decreases to countries/economics such as Hong Kong CN(-1.71Billion USD or -16.29%), Singapore(-1.39Billion USD or -28.27%), United States(-1.05Billion USD or -8.42%). Comparing to 2022, Philippines's total import value decreased -12.13Billion USD(-8.32%) in 2023, this could result from its import decreases of products such as Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(-3.18Billion USD or -22.08%), Electronic integrated circuits(-3.01Billion USD or -18.80%), Coal; briquettes, ovoids and similar solid fuels manufactured from coal(-1.96Billion USD or -32.48%), and its import decreases from countries/economies such as South Korea(-3.85Billion USD or -30.25%), Japan(-2.17Billion USD or -16.55%), Taiwan CN(-2.16Billion USD or -30.48%).

Cumulated to first 7 months of 2024, Philippines's total export value is 29.62Billion USD, total import value is 51.98Billion USD, and tradedeficit is -22.36Billion USD. Cumulated to first 7 months of 2024, Philippines's top export products are Electronic integrated circuits(9.86Billion USD), Insulated wire, cable and other electric conductors, connector fitted or not; optical fibre cables of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors(1.22Billion USD), Automatic data processing machines and units thereof, magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included(849.04Million USD), and top export destinations are United States(4.88Billion USD), China(4.42Billion USD), Hong Kong CN(4.21Billion USD). Cumulated to first 7 months of 2024, Philippines's top import products are Electronic integrated circuits(9.86Billion USD), Insulated wire, cable and other electric conductors, connector fitted or not; optical fibre cables of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors(1.22Billion USD), Automatic data processing machines and units thereof, magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included(849.04Million USD), and top import origins areChina(15.56Billion USD), Japan(4.25Billion USD), South Korea(3.98Billion USD).