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2023
Flag → Flag
Exports $3.48BRnk 7 / 201
2023
Flag → Flag
Top Product $997MIntegrated Circuits
2023
Flag → Flag
Exports $8.88BRnk 17 / 142
2023
Flag → Flag
Top Product $3.16BRefined Petroleum
2023
Flag
Economic Complexity (ECI) ECI 0.64Rnk 40 / 132
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag  
GDP$437BCURRENT US$
Rnk 33 / 195
2013-2023
Flag
GDP GROWTH54%CURRENT US$
Rnk 67 / 195
2023
Flag
 GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
Flag
GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
GDP PC $3,805CURRENT US$
Rnk 133 / 195
2013-2023
Flag
GDP PC GROWTH36.8%CURRENT US$
Rnk 65 / 195
2023
Flag
GDP PC$33,121CURRENT US$
Rnk 41 / 196
2013-2023
Flag
GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195

About

Philippines-South Korea Trade: In 2023, Philippines exported $3.48B to South Korea. The main products that Philippines exported to South Korea were Integrated Circuits ($997M), Valves ($258M), and Coal Briquettes ($184M). Over the past 5 years the exports of Philippines to South Korea have decreased at an annualized rate of 3.6%, from $4.18B in 2018 to $3.48B in 2023.

In 2023, Philippines did not export any services to South Korea.

South Korea-Philippines Trade: In 2023, South Korea exported $8.88B to Philippines. The main products that South Korea exported to Philippines were Refined Petroleum ($3.16B), Integrated Circuits ($1.96B), and Office Machine Parts ($426M). Over the past 5 years the exports of South Korea to Philippines have increased at an annualized rate of 0.22%,  from $8.78B in 2018 to $8.88B in 2023.

In 2005, South Korea exported services to Philippines worth $354M, with Transportation ($236M), Travel ($68.4M), and Other business services ($23.2M) being the largest in terms of value.

Comparison: In 2023,  Philippines ranked 40 in the Economic Complexity Index (ECI 0.64), and 42 in total exports ($101B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B).

Latest Trends

July, 2024

About

Overview In July 2024, Philippines exported $305M and imported $841M from South Korea, resulting in a negative trade balance of $536M. Between July 2023 and July 2024 the exports of Philippines have increased by $15.2M (5.25%) from $290M to $305M, while imports increased by $192M (29.6%) from $649M to $841M.

Trade In July 2024, the top exports of Philippines to South Korea were Integrated Circuits ($43.3M), Commodities not elsewhere specified ($18.2M), Coal Briquettes ($17.4M), Telephones ($14M), and Insulated Wire ($13.6M). In July 2024 the top imports of Philippines from South Korea were Refined Petroleum ($394M), Commodities not elsewhere specified ($167M), Integrated Circuits ($58.1M), Insulated Wire ($16.6M), and Passenger and Cargo Ships ($11.8M).

Growth In July 2024, the increase in Philippines's year-by-year exports to South Korea was explained primarily by an increase in product exports in Telephones ($13.9M or 17.4k%), Printed Circuit Boards ($10.4M or 2.58k%), and Electromagnets ($3.78M or 91.6%). In July 2024, the increase in Philippines's year-by-year imports  from South Korea was explained primarily by an increase in product imports  in Refined Petroleum ($71.7M or 22.3%), Insulated Wire ($9.91M or 148%), and Electrical Transformers ($6.62M or 221%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (July 2023 - July 2024)$15.2M(5.25%)
IMPORT GROWTH (July 2023 - July 2024)$192M(29.6%)

This section shows exports and imports data at subnational level for Philippines. Click any date in the line plot or any product to explore the exports or imports behavior of Philippines over time.

To check South Korea and Philippines trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore South Korea and Philippines Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Philippines exported $3.48B to South Korea. The main products exported from Philippines to South Korea were Integrated Circuits ($997M), Valves ($258M), and Coal Briquettes ($184M). During the last 5 years the exports of Philippines to South Korea have decreased at an annualized rate of 3.6%, from $4.18B in 2018 to $3.48B in 2023.

In 2018, South Korea exported $8.88B to Philippines. The main products exported from South Korea to Philippines were Refined Petroleum ($3.16B), Integrated Circuits ($1.96B), and Office Machine Parts ($426M). During the last 5 years the exports of South Korea to Philippines have increased at an annualized rate of 0.22%, from $8.78B in 2023 to $8.88B in 2018.

Exports from Philippines (Flag) to South Korea (Flag) (2023)

Exports from South Korea (Flag) to Philippines (Flag) (2023)

Market Competitiveness

Color
Philippines
Top DestinationChina$19B
South Korea
Top DestinationChina$162B

This map shows whether countries import more from Philippines or South Korea. Each country is colored based on the difference in imports they receive from Philippines and South Korea or the difference in the growth in imports.

In 2023, countries that imported more from Philippines than South Korea included Vietnam ($1.69B), Russia ($48.7M), and Bangladesh ($38.2M).

In 2023, countries that imported more from South Korea than Philippines included China ($162B), United States ($118B), and Chinese Taipei ($28.2B).

Difference in imports from South Korea (Flag) and Philippines (Flag) (2023)

Comparative Advantage Philippines - South Korea

Flow
Scale

This chart compares trade between Philippines and South Korea by product, considering products traded by both, Philippines and South Korea.

During 2023, Philippines had a large net trade with South Korea in the exports of Machines ($2.04B), Mineral Products ($272M), and Instruments ($238M).

During 2018, South Korea had a large net trade with Philippines in the exports of Machines ($3.41B), Mineral Products ($3.21B), and Chemical Products ($653M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Philippines South Korea+$622MIntegrated Circuits
Top Product Potential South Korea Philippines+$104MCars

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Philippines and South Korea. This means that a dot/product with the flag of Philippines indicates it has a comparative advantage over South Korea. Similarly, a dot/product with the flag of South Korea indicates it has a comparative advantage over Philippines.

Product Space of Philippines (Flag) and South Korea (Flag) (2023)

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