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2023
Exports $222MWorld Rnk 89 / 214
Flag Rnk 60 / 1123
2023
Destination $51M Malaysia
2022 - 2023
FASTEST GROWING MARKET $51MIndonesia
2023
PRODUCT COMPLEXITY IN Refined Petroleum-0.94Rnk 813 / 1025
2023
Imports $10.9BWorld Rnk 24 / 226
Flag Rnk 2 / 1202
2023
Origin $942M South Korea
2022 - 2023
FASTEST GROWING ORIGIN $942MChina
2023
ECONOMIC COMPLEXITY of Philippines0.64Rnk 40 / 132

About

Exports In 2023, Philippines exported $222M in Refined Petroleum, making it the 89th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 60th most exported product in Philippines. The main destination of Refined Petroleum exports from Philippines are: Malaysia ($78.3M), Singapore ($64.7M), Indonesia ($51.1M), China ($26.9M), and Vietnam ($485k).

The fastest growing export markets for Refined Petroleum of Philippines between 2022 and 2023 were Indonesia ($51M), Singapore ($48M), and China ($13.7M).

Imports In 2023, Philippines imported $10.9B in Refined Petroleum, becoming the 24th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 2nd most imported product in Philippines. Philippines imports Refined Petroleum primarily from: South Korea ($3.16B), China ($3.03B), Singapore ($1.82B), Malaysia ($1.23B), and Japan ($394M).

The fastest growing import markets in Refined Petroleum for Philippines between 2022 and 2023 were China ($942M), Malaysia ($145M), and Kuwait ($95.4M).

Latest Trends

July 2024

About

Overview In July 2024 Philippines' Refined Petroleum exports accounted up to $35.1M and imports accounted up to $893M, resulting in a negative trade balance of $858M. Between July 2023 and July 2024 the exports of Philippines'   Refined Petroleum have increased by $34.6M (7.07k%) from $489k to $35.1M, while imports increased by $27.9M (3.22%) from $866M to $893M.

Destinations In July 2024, Refined Petroleum were exported mostly to United Arab Emirates ($8.32M), Qatar ($4.5M), South Korea ($3.07M), Saudi Arabia ($3.03M), and United States ($2.55M), and were imported mostly from China ($327M), South Korea ($275M), Singapore ($79.2M), Chinese Taipei ($72.7M), and Malaysia ($61.1M).

Growth In July 2024, the increase in Refined Petroleum's year-by-year exports was explained primarily by an increase in exports to . In July 2024, the increase in Refined Petroleum's year-by-year imports was explained primarily by an increase in imports from China ($243M or 420%), South Korea ($71.7M or 22.3%), and Singapore ($10M or 7.57%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$34.6M(7.07k%)
IMPORT GROWTH (July 2023 - July 2024)$27.9M(3.22%)
MAIN DESTINATION (July 2024)United Arab Emirates$8.32M

This section shows Refined Petroleum'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 Refined Petroleum over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$222M
IMPORTS (2023)$10.9B
NET TRADE (2023)-$10.7B

In 2023, Philippines exported $222M in Refined Petroleum. The main destinations of Philippines exports on Refined Petroleum were Malaysia ($78.3M), Singapore ($64.7M), Indonesia ($51.1M), China ($26.9M), and Vietnam ($485k).

In 2023, Philippines imported $10.9B in Refined Petroleum, mainly from South Korea ($3.16B), China ($3.03B), Singapore ($1.82B), Malaysia ($1.23B), and Japan ($394M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Philippines WERE (2022 - 2023):
Indonesia$51M (856k%)
Singapore$48M (288%)
China$13.7M (103%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Philippines WERE (2022 - 2023):
Malaysia-$40.9M (-34.3%)
South Korea-$1.66M (-97.8%)
Kenya-$340k (-72.2%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, Philippines's main exporting competitors in Refined Petroleum were:
United States $107B
Singapore $55.9B
India $55.8B
In 2023, Philippines's main importing competitors in Refined Petroleum were:
United States $68.8B
Singapore $55.7B
Australia $35.3B

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $24.4M
TOP IMPORT POTENTIALChina+ $247M

Refined Petroleum’s highest export potential is China. With an export gap of $24.4M.   Refined Petroleum’s highest import potential is China with an import gap of $247M.

See methodology.

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