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2023
Exports $12.7MWorld Rnk 51 / 150
Flag Rnk 292 / 1123
2023
Destination $2.33M South Korea
2022 - 2023
FASTEST GROWING MARKET $2.33MSouth Korea
2023
PRODUCT COMPLEXITY IN Inedible Fats and Oils-0.38Rnk 663 / 1025
2023
Imports $2.77MWorld Rnk 59 / 183
Flag Rnk 873 / 1202
2023
Origin $157k China
2022 - 2023
FASTEST GROWING ORIGIN $157kItaly
2023
ECONOMIC COMPLEXITY of Philippines0.64Rnk 40 / 132

About

Exports In 2023, Philippines exported $12.7M in Inedible Fats and Oils, making it the 51st largest exporter of Inedible Fats and Oils in the world. At the same year, Inedible Fats and Oils was the 292nd most exported product in Philippines. The main destination of Inedible Fats and Oils exports from Philippines are: South Korea ($4.36M), Malaysia ($3.69M), Spain ($2.3M), China ($750k), and Netherlands ($730k).

The fastest growing export markets for Inedible Fats and Oils of Philippines between 2022 and 2023 were South Korea ($2.33M), Spain ($840k), and China ($619k).

Imports In 2023, Philippines imported $2.77M in Inedible Fats and Oils, becoming the 59th largest importer of Inedible Fats and Oils in the world. At the same year, Inedible Fats and Oils was the 873rd most imported product in Philippines. Philippines imports Inedible Fats and Oils primarily from: China ($956k), United States ($734k), Indonesia ($356k), Italy ($326k), and India ($241k).

The fastest growing import markets in Inedible Fats and Oils for Philippines between 2022 and 2023 were Italy ($157k), Turkey ($20k), and Australia ($18.2k).

Latest Trends

July 2024

About

Overview In July 2024 Philippines' Inedible Fats and Oils exports accounted up to $561k and imports accounted up to $758k, resulting in a negative trade balance of $197k. Between July 2023 and July 2024 the exports of Philippines'   Inedible Fats and Oils have decreased by $-3.83M (-87.2%) from $4.39M to $561k, while imports increased by $655k (633%) from $103k to $758k.

Destinations In July 2024, Inedible Fats and Oils were exported mostly to Malaysia ($441k), South Korea ($97.5k), and Pakistan ($22.2k), and were imported mostly from Italy ($418k), India ($161k), Indonesia ($55.6k), South Korea ($52.7k), and China ($40.4k).

Growth In July 2024, the decrease in Inedible Fats and Oils's year-by-year exports was explained primarily by a decrease in exports to South Korea ($-175k or -70.2%). In July 2024, the increase in Inedible Fats and Oils's year-by-year imports was explained primarily by an increase in imports from .

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$-3.83M(-87.2%)
IMPORT GROWTH (July 2023 - July 2024)$655k(633%)
MAIN DESTINATION (July 2024)Malaysia$441k

This section shows Inedible Fats and Oils's exports and imports data at subnational level for Philippines. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Inedible Fats and Oils over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$12.7M
IMPORTS (2023)$2.77M
NET TRADE (2023)$9.91M

In 2023, Philippines exported $12.7M in Inedible Fats and Oils. The main destinations of Philippines exports on Inedible Fats and Oils were South Korea ($4.36M), Malaysia ($3.69M), Spain ($2.3M), China ($750k), and Netherlands ($730k).

In 2023, Philippines imported $2.77M in Inedible Fats and Oils, mainly from China ($956k), United States ($734k), Indonesia ($356k), Italy ($326k), and India ($241k).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Inedible Fats and Oils EXPORT MARKETS FOR Philippines WERE (2022 - 2023):
South Korea$2.33M (116%)
Spain$840k (57.3%)
China$619k (471%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Inedible Fats and Oils BY Philippines WERE (2022 - 2023):
Malaysia-$2.9M (-44.1%)
Singapore-$388k (-95.6%)
Netherlands-$95k (-11.5%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, Philippines's main exporting competitors in Inedible Fats and Oils were:
China $2B
Netherlands $1.27B
Malaysia $1.26B
In 2023, Philippines's main importing competitors in Inedible Fats and Oils were:
Netherlands $2.21B
United States $1.68B
Singapore $1.42B

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Trade Value of Inedible Fats and Oils by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALNetherlands+ $809k
TOP IMPORT POTENTIALChina+ $1.4M

Inedible Fats and Oils’s highest export potential is Netherlands. With an export gap of $809k.   Inedible Fats and Oils’s highest import potential is China with an import gap of $1.4M.

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