Xifres de comerç exterior de les Filipines

Foreign Trade in Figures

Foreign trade represented 58.2% of the country's GDP in 2020, according to the World Bank. Main exports included electronic integrated circuits and microassemblies (31.9%), automatic data processing machines and units (5.2%), machine parts and accessories (3.6%), wires and cables (3.3%), and printing machinery (2.9%); while imports are focused on electronic integrated circuits and microassemblies (14.6%), petroleum oils (4.9%), electrical apparatus for line telephony (3.6%), machinery parts and accessories (2.4%), and motor vehicles (2.1%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 5.3% in 2021 and is expected to increase by 17.1% in 2022, while the volume of imports of goods and services increased by 15.9% in 2021 and is expected to increase by 23.1% in 2022.

Main export destinations include Japan, the U.S., China, Hong Kong, and Singapore; while main imports arrive from China, Japan, the U.S., South Korea, and Indonesia. 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 2020 trade balance (including services) closed at USD - 18,7 million, while the trade deficit without services was higher, at USD - 31.8 million. Deficit increases are expected due to a slower rise of exports and the need for imported infrastructure goods to fulfil the ambitious 2017-2022 Development Plan. Membership to ASEAN (the Association of Southeast Asian Nations) has also played a key role in the Philippines' expanding commerce overseas. According to WTO data, in 2020, the Philippines exported USD 36.7 million worth of goods and imported USD 90.6 million worth of goods. As with regards to services, the country's exports value exceeded the imports value by reaching USD 31.3 million and USD 17.7 million, respectively.