Xifres de comerç exterior de les Filipines

Foreign Trade in Figures

The Philippines is open to foreign trade, which represents around 72% of the country's GDP according to the World Bank. Main exports include electronic integrated circuits and micro assemblies (36.7%), wires and cables (3.5%), automatic data processing machines and units (2.9%), coconuts (2.7%), and printing machinery (2.6%); while imports are focused on electronic integrated circuits and micro assemblies (11.8%), petroleum oils (9.9%), coal (4.1%), crude oil (2.6%), and motor cars (2.4% - Comtrade 2022).

In 2022, the Philippines’ main export partners were the United States (15.8%), Japan (14.1%), China (13.9%), Hong Kong (13.3%), Singapore (6.2%), Thailand (4.3%), with imports coming chiefly from China (20.4%), Indonesia (9.6%), Japan (9.0%), South Korea (8.7%), and the United States (6.6% - Comtrade). 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. According to WTO data, in 2022, the Philippines exported USD 78.9 billion worth of goods (+5.7% y-o-y) and imported USD 145.8 billion (+17.2% y-o-y). As with regards to services, the country's export value exceeded the import value by reaching USD 41 billion and USD 25.4 billion, respectively. For the year as a whole, the Philippines' trade balance was estimated to be negative by 15.6% of GDP by the World Bank. According to preliminary figures from PSA, in 2023, the total value of exports amounted to USD 73.52 billion, marking a 7.6% decrease, whereas imports amounted to USD 125.95 billion, up by 8.2%.