Overview: In May 2020 Philippines exported $3.99B and imported $6.24B, resulting in a negative trade balance of $2.25B. Between May 2019 and May 2020 the exports of Philippines have decreased by $-2.17B (-35.2%) from $6.15B to $3.99B, while imports decreased by $-3.72B (-37.4%) from $9.96B to $6.24B.
Trade: In May 2020 the top exports of Philippines were Integrated Circuits ($1.24B), Commodities not elsewhere specified ($373M), Computers ($176M), Bananas ($139M), and Passenger and Cargo Ships ($105M). In May 2020 the top imports of Philippines were Commodities not elsewhere specified ($800M), Integrated Circuits ($539M), Other Sea Vessels ($173M), Telephones ($168M), and Wheat ($165M).
Destinations: In May 2020 Philippines exported mostly to Japan ($732M), Hong Kong ($659M), China ($599M), United States ($484M), and Singapore ($296M), and imported mostly from China ($1.33B), South Korea ($709M), United States ($582M), Japan ($517M), and Singapore ($367M).
Growth: In May 2020, the decrease in Philippines's year-by-year exports was explained primarily by a decrease in exports to United States ($-597M or -55.2%), China ($-298M or -33.2%), and Germany ($-134M or -54.4%), and product exports decrease in Commodities not elsewhere specified ($-553M or -59.7%), Insulated Wire ($-141M or -66.3%), and Computers ($-134M or -43.3%). In May 2020, the decrease in Philippines's year-by-year imports was explained primarily by a decrease in imports from China ($-926M or -41%), Thailand ($-391M or -61.2%), and Japan ($-359M or -41%), and product imports decrease in Refined Petroleum ($-816M or -89.8%), Cars ($-227M or -77.9%), and Delivery Trucks ($-148M or -86.9%).