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2022
Exports $385MWorld Rnk 57 / 149
Flag Rnk 38 / 1127
2022
Destination $93.5M Thailand
2021 - 2022
FASTEST GROWING MARKET $93.5MBrunei
2022
PRODUCT COMPLEXITY IN Crude Petroleum-2.25Rnk 1011 / 1025
2022
Imports $3.32BWorld Rnk 41 / 158
Flag Rnk 5 / 1201
2022
Origin $678M Saudi Arabia
2021 - 2022
FASTEST GROWING ORIGIN $678MUnited Arab Emirates
2022
ECONOMIC COMPLEXITY of Philippines0.71Rnk 37 / 133

About

Exports In 2022, Philippines exported $385M in Crude Petroleum, making it the 57th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 38th most exported product in Philippines. The main destination of Crude Petroleum exports from Philippines are: Thailand ($212M), Brunei ($115M), Malaysia ($46.5M), South Korea ($12.4M), and Canada ($26).

The fastest growing export markets for Crude Petroleum of Philippines between 2021 and 2022 were Brunei ($93.5M), Malaysia ($46.5M), and Canada ($26).

Imports In 2022, Philippines imported $3.32B in Crude Petroleum, becoming the 41st largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 5th most imported product in Philippines. Philippines imports Crude Petroleum primarily from: Saudi Arabia ($1.63B), United Arab Emirates ($949M), Iraq ($370M), Malaysia ($150M), and Qatar ($100M).

The fastest growing import markets in Crude Petroleum for Philippines between 2021 and 2022 were United Arab Emirates ($678M), Saudi Arabia ($595M), and Iraq ($337M).

Latest Trends

July 2024

About

Overview In July 2024 Philippines' Crude Petroleum exports accounted up to $21.6M and imports accounted up to $550M, resulting in a negative trade balance of $529M. Between December 2022 and July 2024 the exports of Philippines'   Crude Petroleum have decreased by $-14.6M (-40.4%) from $36.2M to $21.6M, while imports increased by $96.2M (21.2%) from $454M to $550M.

Destinations In July 2024, Crude Petroleum were exported mostly to , and were imported mostly from United Arab Emirates ($239M), Saudi Arabia ($188M), Iraq ($80.3M), and Qatar ($44M).

Growth In July 2024, the decrease in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to . In August 2024, the increase in Crude Petroleum's year-by-year imports was explained primarily by an increase in imports from Saudi Arabia ($144M or 117%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2022 - July 2024)$-14.6M(-40.4%)
IMPORT GROWTH (August 2023 - August 2024)$96.2M(21.2%)
MAIN DESTINATION (July 2024)

This section shows Crude Petroleum's exports and imports data at subnational level for Philippines. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Crude Petroleum over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$385M
IMPORTS (2022)$3.32B
NET TRADE (2022)-$2.94B

In 2022, Philippines exported $385M in Crude Petroleum. The main destinations of Philippines exports on Crude Petroleum were Thailand ($212M), Brunei ($115M), Malaysia ($46.5M), South Korea ($12.4M), and Canada ($26).

In 2022, Philippines imported $3.32B in Crude Petroleum, mainly from Saudi Arabia ($1.63B), United Arab Emirates ($949M), Iraq ($370M), Malaysia ($150M), and Qatar ($100M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR Philippines WERE (2021 - 2022):
Brunei$93.5M (442%)
Malaysia$46.5M (1%)
Canada$26 (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY Philippines WERE (2021 - 2022):
South Korea-$42.7M (-77.5%)
Thailand-$11.7M (-5.22%)
United Arab Emirates-$9.03k (-100%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, Philippines's main exporting competitors in Crude Petroleum were:
Saudi Arabia $236B
Russia $133B
Canada $123B
In 2022, Philippines's main importing competitors in Crude Petroleum were:
China $287B
United States $199B
India $170B

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Trade Value of Crude Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALSouth Korea+ $24.4M
TOP IMPORT POTENTIALMalaysia+ $5.74M

Crude Petroleum’s highest export potential is South Korea. With an export gap of $24.4M.   Crude Petroleum’s highest import potential is Malaysia with an import gap of $5.74M.

See methodology.

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