Philippines2019 Economic Complexity : 0.62, Rank 42 of 146
2019 Product Exports | Imports: $86.6B | $127B, 39 of 225 | 33 of 225
2019 Per Capita Product Exports | Imports: $801 | $1.17k, 133 of 219 | 140 of 219
2018 Service Exports | Imports : $34.2B | $26.7B, 30 of 125 | 37 of 125
Overview In 2019 Philippines was the number 32 economy in the world in terms of GDP (current US$), the number 39 in total exports, the number 33 in total imports, the number 125 economy in terms of GDP per capita (current US$) and the number 42 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Philippines are Integrated Circuits ($22.8B), Office Machine Parts ($11.6B), Insulated Wire ($2.66B), Semiconductor Devices ($2.48B), and Electrical Transformers ($2.41B), exporting mostly to China ($13.6B), United States ($12.8B), Japan ($10.8B), Hong Kong ($9.97B), and Singapore ($6.39B).
Imports The top imports of Philippines are Integrated Circuits ($12.7B), Refined Petroleum ($8.18B), Cars ($3.34B), Crude Petroleum ($3.16B), and Broadcasting Equipment ($3.06B), importing mostly from China ($36.2B), Japan ($10.3B), South Korea ($8.9B), United States ($7.97B), and Singapore ($7.56B).
In 2019, Philippines was the world's biggest importer of Coffee and Tea Extracts ($653M) and Copra ($19.2M)
Location Philippines borders China, Indonesia, Japan, Malaysia, Palau, and Vietnam by sea.
July, 2021
Overview In July 2021 Philippines exported $6.49B and imported $10.7B, resulting in a negative trade balance of $4.23B. Between July 2020 and July 2021 the exports of Philippines have increased by $807M (14.2%) from $5.68B to $6.49B, while imports increased by $3.13B (41.4%) from $7.58B to $10.7B.
Trade In July 2021, the top exports of Philippines were Integrated Circuits ($1.46B), Commodities not elsewhere specified ($783M), Computers ($318M), Industrial Printers ($235M), and Insulated Wire ($225M). In July 2021 the top imports of Philippines were Commodities not elsewhere specified ($1.19B), Refined Petroleum ($922M), Integrated Circuits ($721M), Coal Briquettes ($251M), and Telephones ($230M).
Destinations In July 2021, Philippines exported mostly to China ($1.05B), United States ($1.03B), Hong Kong ($876M), Japan ($870M), and Singapore ($361M), and imported mostly from China ($2.39B), Japan ($1.12B), South Korea ($795M), Indonesia ($776M), and Singapore ($653M).
Growth In July 2021, the increase in Philippines's year-by-year exports was explained primarily by an increase in exports to China ($134M or 14.6%), Hong Kong ($103M or 13.3%), and South Korea ($99.9M or 47.1%), and product exports increase in Integrated Circuits ($165M or 12.7%), Coconut Oil ($110M or 505%), and Refined Copper ($101M or 81.8%). In July 2021, the increase in Philippines's year-by-year imports was explained primarily by an increase in imports from China ($408M or 20.6%), Japan ($352M or 45.7%), and Indonesia ($284M or 57.7%), and product imports increase in Refined Petroleum ($343M or 59.3%), Commodities not elsewhere specified ($256M or 27.3%), and Semi-Finished Iron ($175M or 451%).
EXPORT GROWTH (July 2020 - July 2021): $807M, (14.2%)
IMPORT GROWTH (July 2020 - July 2021): $3.13B, (41.4%)
MAIN DESTINATION (July 2021): China, $1.05B
This section shows exports and imports data at subnational level for Philippines. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Philippines over time.
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Top Export (2019): Integrated Circuits, $22.8B
Top Destination (2019): China, $13.6B
In 2019, Philippines exported a total of $86.6B, making it the number 39 exporter in the world. During the last five reported years the exports of Philippines have changed by $9.49B from $77.1B in 2014 to $86.6B in 2019.
The most recent exports are led by Integrated Circuits ($22.8B), Office Machine Parts ($11.6B), Insulated Wire ($2.66B), Semiconductor Devices ($2.48B), and Electrical Transformers ($2.41B). The most common destination for the exports of Philippines are China ($13.6B), United States ($12.8B), Japan ($10.8B), Hong Kong ($9.97B), and Singapore ($6.39B).
Top Import (2019): Integrated Circuits, $12.7B
Top Origin (2019): China, $36.2B
In 2019 Philippines imported $127B, making it the number 33 trade destination in the world. During the last five reported years the imports of Philippines changed by $25.9B from $101B in 2014 to $127B in 2019.
The most recent imports of Philippines are led by Integrated Circuits ($12.7B), Refined Petroleum ($8.18B), Cars ($3.34B), Crude Petroleum ($3.16B), and Broadcasting Equipment ($3.06B). The most common import partners for Philippines are China ($36.2B), Japan ($10.3B), South Korea ($8.9B), United States ($7.97B), and Singapore ($7.56B).
Philippines Exports Services (2018): $34.2B
Philippines Imports Services (2018): $26.7B
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).
The top product import tariffs by their MFN Ad Valorem value for Philippines are Sugars: cane sugar, raw, in solid form, as specified in Subheading Note 2 to this chapter, not containing added flavouring or colouring matter (65%) and Sugars: cane sugar, raw, in solid form, other than as specified in Subheading Note 2 to this chapter, not containing added flavouring or colouring matter (65%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Philippines are:
Philippines has a high level of specialization in Coconut Oil (43.5), Nickel Ore (36.5), Bananas (28.3), Recovered Paper Pulp (25.5), and Nickel Mattes (19.9). Specialization is measured using RCA, an index that takes the ratio between Philippines observed and expected exports in each product.
The highest complexity exports of Philippines according to the product complexity index (PCI) are Measuring or checking instruments nes (1.93), Instruments to check or measure electricity, radiation (1.77), Prepared unrecorded sound recording media (non-photo) (1.74), Parts, accessories, except covers, for office machines (1.56), and Electro and permanent magnets, equipment using magnets (1.55). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Philippines according to the relatedness index, are Other Edible Animal Products (0.23), Rubber Thread (0.22), Rubber Apparel (0.21), Watch Movements (0.2), and Telephones (0.2). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Philippines's economy has become relatively more complex, moving from the 75th to the 42nd 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.