Philippines2020 Economic Complexity : 0.58, Rank 39 of 127
2020 Product Exports | Imports: $79.5B | $108B, 39 of 226 | 34 of 226
2020 Per Capita Product Exports | Imports: $726 | $989, 150 of 219 | 146 of 219
2018 Service Exports | Imports : $34.2B | $26.7B, 36 of 138 | 41 of 138
Overview In 2020, Philippines was the number 33 economy in the world in terms of GDP (current US$), the number 39 in total exports, the number 34 in total imports, the number 140 economy in terms of GDP per capita (current US$) and the number 39 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Philippines are Integrated Circuits ($22.6B), Office Machine Parts ($9.32B), Electrical Transformers ($2.36B), Insulated Wire ($2.32B), and Semiconductor Devices ($2.18B), exporting mostly to China ($12.9B), United States ($10.7B), Japan ($10.3B), Hong Kong ($10B), and Singapore ($6.28B).
In 2020, Philippines was the world's biggest exporter of Nickel Ore ($1.34B) and Gold Clad Metals ($17.1M)
Imports The top imports of Philippines are Integrated Circuits ($12.3B), Refined Petroleum ($5.61B), Broadcasting Equipment ($2.89B), Office Machine Parts ($2.45B), and Cars ($2.16B), importing mostly from China ($34.5B), Japan ($8.21B), South Korea ($7.31B), United States ($6.84B), and Indonesia ($6.34B).
In 2020, Philippines was the world's biggest importer of Copra ($25.9M)
Location Philippines borders China, Indonesia, Japan, Malaysia, Palau, and Vietnam by sea.
August, 2021
Overview In August 2021 Philippines exported $6.54B and imported $10.6B, resulting in a negative trade balance of $4.05B. Between August 2020 and August 2021 the exports of Philippines have increased by $1.04B (19%) from $5.5B to $6.54B, while imports increased by $2.8B (35.9%) from $7.8B to $10.6B.
Trade In August 2021, the top exports of Philippines were Integrated Circuits ($1.54B), Commodities not elsewhere specified ($818M), Computers ($298M), Insulated Wire ($241M), and Industrial Printers ($237M). In August 2021 the top imports of Philippines were Commodities not elsewhere specified ($1.17B), Refined Petroleum ($852M), Integrated Circuits ($706M), Wheat ($240M), and Coal Briquettes ($238M).
Destinations In August 2021, Philippines exported mostly to China ($1.06B), United States ($1.04B), Japan ($952M), Hong Kong ($931M), and Singapore ($393M), and imported mostly from China ($2.48B), Japan ($984M), South Korea ($819M), United States ($691M), and Thailand ($680M).
Growth In August 2021, the increase in Philippines's year-by-year exports was explained primarily by an increase in exports to Hong Kong ($165M or 25.5%), United States ($108M or 12.9%), and South Korea ($78.5M or 38.2%), and product exports increase in Commodities not elsewhere specified ($269M or 45.1%), Integrated Circuits ($115M or 10%), and Gold ($55.5M or 43.8%). In August 2021, the increase in Philippines's year-by-year imports was explained primarily by an increase in imports from China ($369M or 17.2%), Kuwait ($130M or 445k%), and Singapore ($108M or 23.2%), and product imports increase in Refined Petroleum ($223M or 69.8%), Office Machine Parts ($99.5M or 64.7%), and Delivery Trucks ($59.4M or 40.5%).
EXPORT GROWTH (August 2020 - August 2021): $1.04B, (19%)
IMPORT GROWTH (August 2020 - August 2021): $2.8B, (35.9%)
MAIN DESTINATION (August 2021): China, $1.06B
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 (2020): Integrated Circuits, $22.6B
Top Destination (2020): China, $34.5B
In 2020, Philippines exported a total of $79.5B, making it the number 39 exporter in the world. During the last five reported years the exports of Philippines have changed by $9.4B from $70.1B in 2015 to $79.5B in 2020.
The most recent exports are led by Integrated Circuits ($22.6B), Office Machine Parts ($9.32B), Electrical Transformers ($2.36B), Insulated Wire ($2.32B), and Semiconductor Devices ($2.18B). The most common destination for the exports of Philippines are China ($12.9B), United States ($10.7B), Japan ($10.3B), Hong Kong ($10B), and Singapore ($6.28B).
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).
Philippines has a high level of specialization in Nickel Ore (76.3), Coconut Oil (37.9), Bananas (25.3), Cameras (24.4), and Recovered Paper Pulp (19.8). 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 Blank Audio Media (1.85), Oscilloscopes (1.83), Metal Lathes (1.68), Industrial Printers (1.55), and Other Measuring Instruments (1.54). 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 Rubber Apparel (0.21), Other Edible Animal Products (0.21), Cocoa Beans (0.19), Incomplete Movement Sets (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.
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 74th to the 39th 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.
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