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2022
Economic Complexity
Trade 0.71Rank 37 of 133
2021
Economic Complexity
Technology -0.36Rank 61 of 96
2022
Economic Complexity
Research -0.2Rank 65 of 135
2022
Product
Exports | Imports $110B | $167B40 of 226 |  33 of 226
2022
Per Capita Product
Exports | Imports $953 | $1.44k125 of 220 |  154 of 220

About

Overview In 2022, Philippines was the number 38 economy in the world in terms of GDP (current US$), the number 40 in total exports, the number 33 in total imports, the number 129 economy in terms of GDP per capita (current US$) and the number 37 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Philippines are Integrated Circuits ($32.4B), Office Machine Parts ($10.2B), Gold ($8.9B), Semiconductor Devices ($3.33B), and Insulated Wire ($3.26B), exporting mostly to United States ($15.5B), China ($15.3B), Hong Kong ($12.6B), Japan ($11.3B), and Singapore ($7.07B).

In 2022, Philippines was the world's biggest exporter of Nickel Ore ($1.29B) and Gold Clad Metals ($90.3M)

Imports The top imports of Philippines are Integrated Circuits ($15.7B), Refined Petroleum ($13.9B), Coal Briquettes ($5.18B), Cars ($4.3B), and Crude Petroleum ($3.32B), importing mostly from China ($53.6B), Indonesia ($13.6B), South Korea ($12.5B), Japan ($11.4B), and Singapore ($9.28B).

In 2022, Philippines was the world's biggest importer of Iron Sheet Piling ($439M), Animal Fat ($76.1M), and Copra ($38.8M)

Location Philippines borders China, Indonesia, Japan, Malaysia, Palau, Vietnam, and Chinese Taipei by sea.

Latest Trends

August, 2024

About

Overview In August 2024 Philippines exported $6.75B and imported $11.8B, resulting in a negative trade balance of $5.02B. Between August 2023 and August 2024 the exports of Philippines have increased by $21.5M (0.32%) from $6.73B to $6.75B, while imports increased by $325M (2.84%) from $11.4B to $11.8B.

Trade In August 2024, the top exports of Philippines were Integrated Circuits ($1.68B), Commodities not elsewhere specified ($671M), Insulated Wire ($251M), Mirrors and Lenses ($220M), and Copper Ore ($197M). In August 2024 the top imports of Philippines were Refined Petroleum ($891M), Commodities not elsewhere specified ($848M), Integrated Circuits ($682M), Crude Petroleum ($550M), and Cars ($398M).

Destinations In August 2024, Philippines exported mostly to United States ($1.22B), Hong Kong ($943M), Japan ($935M), China ($849M), and South Korea ($333M), and imported mostly from China ($2.94B), Indonesia ($1.04B), South Korea ($958M), Japan ($880M), and United States ($762M).

Growth In August 2024, the increase in Philippines's year-by-year exports was explained primarily by an increase in exports to United States ($120M or 10.9%), Hong Kong ($70.8M or 8.12%), and Indonesia ($21.5M or 30.3%), and product exports increase in Mirrors and Lenses ($214M or 3.68k%), Copper Ore ($122M or 164%), and Coconut Oil ($51.6M or 54.7%). In August 2024, the increase in Philippines's year-by-year imports was explained primarily by an increase in imports from China ($388M or 15.2%), South Korea ($153M or 19%), and Iraq ($80.3M or 37.9M%), and product imports increase in Crude Petroleum ($96.2M or 21.2%), Planes, Helicopters, and/or Spacecraft ($81.3M or 834%), and Iron Ore ($70.1M or 149%).

Latest Trade

Time Scale
Flow
Color
Depth
EXPORT GROWTH (August 2023 - August 2024)$21.5M(0.32%)
IMPORT GROWTH (August 2023 - August 2024)$325M(2.84%)
MAIN DESTINATION (August 2024)United States$1.22B

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.

For full datasets download visit Bulk Download page.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Integrated Circuits$32.4B
Top Destination (2022)United States$15.5B

In 2022, Philippines exported a total of $110B, making it the number 40 exporter in the world. During the last five reported years the exports of Philippines have changed by $15B from $95.2B in 2017 to $110B in 2022.

The most recent exports are led by Integrated Circuits ($32.4B), Office Machine Parts ($10.2B), Gold ($8.9B), Semiconductor Devices ($3.33B), and Insulated Wire ($3.26B). The most common destination for the exports of Philippines are United States ($15.5B), China ($15.3B), Hong Kong ($12.6B), Japan ($11.3B), and Singapore ($7.07B).

Explore Visualizations

Exports (2022)
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Destinations (2022)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2021 - 2022)
United Kingdom$3.84B (+ 563%)
Switzerland$3.13B (+ 322%)
United States$2.07B (+ 15.4%)
Fastest Growing Import Markets (2021 - 2022)
China$5.81B (+ 12.2%)
Indonesia$4.36B (+ 47.3%)
South Korea$3.28B (+ 35.6%)

Total Export Growth by Market (2021 - 2022)

Potential Exports

Potential Exports

Type
Flow
Depth
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Service Trade

Service Trade

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).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Overview

Economic Complexity (Trade)0.71Rank 37 of 133
Economic Complexity (Technology)-0.36Rank 61 of 96
Economic Complexity (Research)-0.2Rank 65 of 135

Most Specialized Products by RCA Index

Philippines has a high level of specialization in Nickel Ore (59), Coconut Oil (48.4), Bananas (22.4), Recovered Paper Pulp (15.2), and Photocopiers (12.6). Specialization is measured using RCA, an index that takes the ratio between Philippines observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Philippines according to the product complexity index (PCI) are Discs, tapes, solid-state non-volatile storage devices, smart cards and other media for... (1.77), Instruments, apparatus for measuring, checking electrical quantities not meters of heading no.... (1.77), Lathes for removing metal (1.65), Electronic integrated circuits (1.46), and Printing machinery; used for printing by means of plates, cylinders and other... (1.43). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Philippines according to the relatedness index, were Other Edible Animal Products (0.23), Incomplete Movement Sets (0.19), Cocoa Beans (0.18), Artificial Vegetation (0.18), and Palm Oil (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.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Philippines. These are products that tend to be co-exported with the products that Philippines exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2022)

Diversification Frontier

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Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Philippines's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨59th to the 37th⁩ 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.

Explore Rankings

ECI (Trade) Ranking by Country

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