Overview: In July 2020 Philippines exported $5.68B and imported $7.95B, resulting in a negative trade balance of $2.27B. Between July 2019 and July 2020 the exports of Philippines have decreased by $-493M (-7.99%) from $6.17B to $5.68B, while imports decreased by $-2.12B (-21%) from $10.1B to $7.95B.
Trade: In July 2020 the top exports of Philippines were Integrated Circuits ($1.3B), Commodities not elsewhere specified ($847M), Computers ($270M), Industrial Printers ($207M), and Insulated Wire ($171M). In July 2020 the top imports of Philippines were Commodities not elsewhere specified ($969M), Integrated Circuits ($643M), Refined Petroleum ($606M), Telephones ($217M), and Office Machine Parts ($195M).
Destinations: In July 2020 Philippines exported mostly to United States ($1.04B), China ($916M), Japan ($818M), Hong Kong ($773M), and Singapore ($330M), and imported mostly from China ($1.98B), Japan ($769M), South Korea ($610M), United States ($581M), and Singapore ($544M).
Growth: In July 2020, the decrease in Philippines's year-by-year exports was explained primarily by a decrease in exports to Japan ($-117M or -12.5%), Hong Kong ($-70M or -8.31%), and Netherlands ($-67.2M or -31.3%), and product exports decrease in Integrated Circuits ($-153M or -10.6%), Gold ($-57.4M or -41.1%), and Telephones ($-50.7M or -66.3%). In July 2020, the decrease in Philippines's year-by-year imports was explained primarily by a decrease in imports from China ($-330M or -14.3%), Thailand ($-226M or -39.3%), and South Korea ($-215M or -26%), and product imports decrease in Refined Petroleum ($-208M or -25.6%), Planes, Helicopters, and/or Spacecraft ($-180M or -99.4%), and Cars ($-171M or -60%).