Overview: In 2018 Philippines was the number 38 economy in the world in terms of GDP (current US$), the number 38 in total exports, the number 33 in total imports, and the number 46 most complex economy according to the Economic Complexity Index (ECI). In 2018, Philippines exported $97.8B and imported $135B, resulting in a negative trade balance of -$36.7B. In 2018, Philippines's exports per capita were $917 and its imports per capita were $1.26k.
In 2018 Philippines exported a total of $97.8B, making it the number 38 exporter in the world. During the last five reported years the exports of Philippines have changed by $17.6B from $80.2B in 2013 to $97.8B in 2018.
In 2018 Philippines imported $135B, making it the number 33 trade destination in the world. During the last five reported years the imports of Philippines changed by $56.8B from $77.7B in 2013 to $135B in 2018.
In 2018, Philippines exported $34.2B worth of services. The top services exported by Philippines in 2018 were Other business services ($16.7B), Personal travel ($8.2B), Computer and information services ($5.94B), Transportation ($2.7B), and Financial services ($279M).
The top services imported by Philippines in 2018 were Personal travel ($11.6B), Transportation ($5.36B), Other business services ($4.63B), Insurance services ($1.46B), and Computer and information services ($991M).
This section shows forecasts for total product exports and imports for Philippines. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Philippines are:2: AANZFTA ASEAN - Australia - New Zealand Free Trade Area For Australia and New Zealand55: ASEAN Korea, Republic of Free Trade Area56: ASEAN India Free Trade Area57: ASEAN Japan Free Trade Area84: Association of Southeast Asian Nations (ASEAN ) Free Trade Area136: Most Favoured Nation duty rate treatement148: Philippines - Japan Free Trade Area184: Preferential tariff for China
During the last 20 years Philippines's economy has become relatively more complex, moving from the 74th to the 46th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
Philippines has a high level of specialization in Coconut Oil (37.5), Nickel Ore (31), Bananas (24.5), Recovered Paper Pulp (22.1), and Nickel Mattes (19.6). Specialization is measured using RCA, an index that takes the ratio between Philippines observed and expected exports in each product.
The top export opportunities for Philippines according to the relatedness index, are Rubber Thread (0.23), Incomplete Movement Sets (0.19), Rubber Apparel (0.19), Other Edible Animal Products (0.19), and Raw Tin (0.18). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Philippines is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
Philippines
