Xifres de comerç exterior de les Filipines

Foreign Trade in Figures

Foreign trade represented 63.5% of the country's GDP in 2021, according to the World Bank. Main exports included electronic integrated circuits and microassemblies (32.3%), automatic data processing machines and units (5%), wires and cables (3.6%), printing machinery (3.4%), and copper (3%); while imports are focused on electronic integrated circuits and microassemblies (12.4%), petroleum oils (7.5%), telephone sets (2.7%), coal (2.3%), and machine parts and accessories (2.1%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 4% in 2022 and is expected to increase by 4.5% in 2023, while the volume of imports of goods and services increased by 14.9% in 2022 and is expected to increase by 5.7% in 2023.

Main export destinations include the U.S., China, Japan, Hong Kong, and Singapore; while main imports arrive from China, Japan, South Korea, Indonesia, and the U.S.. The main risk factor to foreign trade in the Philippines and countries in the region is the trade dispute between the U.S. and China, which slows exchanges in the world. The Philippines has recently lifted quantitative restrictions on imports of all food products, including rice. However, Tariff-Rate Quotas still remain on a number of sensitive products such as corn, poultry meat, pork, sugar, and coffee. The country is part of a number of trade agreements, including the Asia Free Trade Agreement, the Asia Europe Meeting (ASEM), the Japan-Philippines Economic Partnership Agreement (JPEPA), the ASEAN-Australia-New Zealand Free Trade Agreement; and the ASEAN-China Free Trade Area.

Traditionally, the country's trade balance has been in deficit due to high imports of raw materials and intermediate goods. The 2021 trade balance (including services) closed at USD - 38,7 million, while the trade deficit without services was higher, at USD - 52.8 million. Membership to ASEAN (the Association of Southeast Asian Nations) has played a key role in the Philippines' expanding commerce overseas and, as such, exports should increase in the coming years. According to WTO data, in 2021, the Philippines exported USD 74,6 million worth of goods and imported USD 124,3 million worth of goods. As with regards to services, the country's exports value exceeded the imports value by reaching USD 33,6 million and USD 19,4 million, respectively.