Overview: In May 2020 Philippines exported $3.99B and imported $6.24B, resulting in a negative trade balance of $2.25B. Between May 2019 and May 2020 the exports of Philippines have decreased by $-2.17B (-35.2%) from $6.15B to $3.99B, while imports decreased by $-3.72B (-37.4%) from $9.96B to $6.24B.
Trade: In May 2020 the top exports of Philippines were Integrated Circuits ($1.24B), Commodities not elsewhere specified ($373M), Computers ($176M), Bananas ($139M), and Passenger and Cargo Ships ($105M). In May 2020 the top imports of Philippines were Commodities not elsewhere specified ($800M), Integrated Circuits ($539M), Other Sea Vessels ($173M), Telephones ($168M), and Wheat ($165M).
Destinations: In May 2020 Philippines exported mostly to Japan ($732M), Hong Kong ($659M), China ($599M), United States ($484M), and Singapore ($296M), and imported mostly from China ($1.33B), South Korea ($709M), United States ($582M), Japan ($517M), and Singapore ($367M).
Growth: In May 2020, the decrease in Philippines's year-by-year exports was explained primarily by a decrease in exports to United States ($-221M or -22.3%), Japan ($-77.5M or -8.76%), and Canada ($-70.2M or -72.4%), and product exports decrease in Commodities not elsewhere specified ($-187M or -19.1%), Computers ($-76.2M or -24.3%), and Telephones ($-49.1M or -68.9%). In May 2020, the decrease in Philippines's year-by-year imports was explained primarily by a decrease in imports from China ($-359M or -17.8%), Japan ($-258M or -29.9%), and Thailand ($-188M or -34.8%), and product imports decrease in Refined Petroleum ($-293M or -45.6%), Cars ($-172M or -79%), and Planes, Helicopters, and/or Spacecraft ($-139M or -63.7%).