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%).