Overview: In October 2020 Philippines exported $6.27B and imported $8.52B, resulting in a negative trade balance of $2.25B. Between October 2019 and October 2020 the exports of Philippines have decreased by $-59.8M (-0.94%) from $6.33B to $6.27B, while imports decreased by $-1.54B (-15.3%) from $10.1B to $8.52B.
Trade: In October 2020, the top exports of Philippines were Integrated Circuits ($1.47B), Commodities not elsewhere specified ($834M), Industrial Printers ($252M), Computers ($245M), and Insulated Wire ($228M). In October 2020 the top imports of Philippines were Commodities not elsewhere specified ($902M), Integrated Circuits ($627M), Telephones ($379M), Refined Petroleum ($353M), and Wheat ($213M).
Destinations: In October 2020, Philippines exported mostly to United States ($1.02B), Japan ($975M), China ($955M), Hong Kong ($756M), and Singapore ($399M), and imported mostly from China ($2.06B), Japan ($939M), United States ($701M), South Korea ($602M), and Indonesia ($555M).
Growth: In October 2020, the decrease in Philippines's year-by-year exports was explained primarily by an decrease in exports to Hong Kong ($-127M or -14.3%), United States ($-60.5M or -5.62%), and South Korea ($-51.4M or -15.2%), and product exports decrease in Commodities not elsewhere specified ($-183M or -18%), Trunks and Cases ($-98.3M or -76.1%), and Optical Fibers ($-95.4M or -83.2%). In October 2020, the decrease in Philippines's year-by-year imports was explained primarily by an decrease in imports from Thailand ($-187M or -27.5%), Germany ($-157M or -54.7%), and China ($-139M or -6.34%), and product imports decrease in Crude Petroleum ($-318M or -70.7%), Planes, Helicopters, and/or Spacecraft ($-236M or -96%), and Refined Petroleum ($-177M or -33.4%).