Xifres de comerç exterior de les Filipines

Foreign Trade in Figures

The Philippines is open to foreign trade, which represents around 67% of the country's GDP according to the World Bank. According to data from the Philippines Statistics Authority, by commodity group, electronic products remained the top export in 2023, generating USD 41.91 billion (56.9% of total exports). This was followed by other manufactured goods (USD 3.97 billion, 5.4%) and other mineral products (USD 3.12 billion, 4.2%). In 2023, exports of manufactured goods were the largest contributor, totalling USD 59.87 billion (81.3% of total exports), followed by mineral products (USD 7.14 billion, 9.7%) and agro-based products (USD 4.79 billion, 6.5%). Electronic products led imports, amounting to USD 26.64 billion (21.1% of total imports), followed by mineral fuels, lubricants, and related materials (USD 20.11 billion, 15.9%) and transport equipment (USD 12.45 billion, 9.9%). Imports of raw materials and intermediate goods were the largest share at USD 45.46 billion (36.0%), followed by capital goods (USD 35.72 billion, 28.3%) and consumer goods (USD 24.44 billion, 19.4%).

In 2023, the USA led as the country’s largest export partner, accounting for USD 11.55 billion, or 15.7% of total exports. Following closely were China, Japan, and Hong Kong, contributing USD 10.93 billion (14.8%), USD 10.46 billion (14.2%), and USD 8.84 billion (12%), respectively, highlighting the significant role of Asian markets in the country's export landscape. South Korea rounded out the top five with USD 3.53 billion, or 4.8% of total exports. In the same year, China was the largest supplier of goods, contributing USD 29.39 billion, or 23.3% of total imports. The top five import partners were rounded out by Indonesia (USD 11.51 billion, 9.1%), Japan (USD 10.29 billion, 8.2%), South Korea (USD 8.49 billion, 6.7%), and the USA (USD 8.42 billion, 6.7% - data PSA).

Traditionally, the country's trade balance has been in deficit due to high imports of raw materials and intermediate goods. According to WTO data, in 2023, the Philippines exported USD 72.9 billion worth of goods (-7.6% y-o-y) and imported USD 133 billion (-8.8% y-o-y). As with regards to services, the country's export value exceeded the import value by reaching USD 47.9 billion and USD 29.2 billion, respectively (+16.5% and +16.9% y-o-y). For the year as a whole, the Philippines' trade balance was estimated to be negative by 14.1% of GDP by the World Bank. According to preliminary figures from PSA, in 2024, the total value of exports amounted to USD 73.2 billion, marking a 0.5% decrease year-on-year, whereas imports amounted to USD 127.4 billion, up by 1%.