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2023
Exports $198MWorld Rnk 59 / 150
Flag Rnk 64 / 1123
2023
Destination $23.4M Thailand
2022 - 2023
FASTEST GROWING MARKET $23.4MSingapore
2023
PRODUCT COMPLEXITY IN Crude Petroleum-2.37Rnk 1015 / 1025
2023
Imports $4.15BWorld Rnk 34 / 159
Flag Rnk 4 / 1202
2023
Origin $196M Saudi Arabia
2022 - 2023
FASTEST GROWING ORIGIN $196MSaudi Arabia
2023
ECONOMIC COMPLEXITY of Philippines0.64Rnk 40 / 132

About

Exports In 2023, Philippines exported $198M in Crude Petroleum, making it the 59th largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 64th most exported product in Philippines. The main destination of Crude Petroleum exports from Philippines are: Thailand ($125M), Brunei ($30.8M), Singapore ($23.4M), and South Korea ($18M).

The fastest growing export markets for Crude Petroleum of Philippines between 2022 and 2023 were Singapore ($23.4M) and South Korea ($5.83M).

Imports In 2023, Philippines imported $4.15B in Crude Petroleum, becoming the 34th largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 4th most imported product in Philippines. Philippines imports Crude Petroleum primarily from: Saudi Arabia ($2.09B), United Arab Emirates ($1.17B), Iraq ($383M), Kuwait ($191M), and Malaysia ($174M).

The fastest growing import markets in Crude Petroleum for Philippines between 2022 and 2023 were Saudi Arabia ($196M), Kuwait ($112M), and Egypt ($75.8M).

Latest Trends

July 2024

About

Overview In July 2024 Philippines' Crude Petroleum exports accounted up to $21.6M and imports accounted up to $115M, resulting in a negative trade balance of $93M. 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 decreased by $-172M (-60.1%) from $287M to $115M.

Destinations In July 2024, Crude Petroleum were exported mostly to Brunei ($21.6M), and were imported mostly from Saudi Arabia ($89.5M) and Brunei ($25.1M).

Growth In July 2024, the decrease in Crude Petroleum's year-by-year exports was explained primarily by a decrease in exports to . In July 2024, the decrease in Crude Petroleum's year-by-year imports was explained primarily by a decrease in imports from .

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2022 - July 2024)$-14.6M(-40.4%)
IMPORT GROWTH (July 2023 - July 2024)$-172M(-60.1%)
MAIN DESTINATION (July 2024)Brunei$21.6M

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 (2023)$198M
IMPORTS (2023)$4.15B
NET TRADE (2023)-$3.95B

In 2023, Philippines exported $198M in Crude Petroleum. The main destinations of Philippines exports on Crude Petroleum were Thailand ($125M), Brunei ($30.8M), Singapore ($23.4M), and South Korea ($18M).

In 2023, Philippines imported $4.15B in Crude Petroleum, mainly from Saudi Arabia ($2.09B), United Arab Emirates ($1.17B), Iraq ($383M), Kuwait ($191M), and Malaysia ($174M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR Philippines WERE (2022 - 2023):
Singapore$23.4M (1%)
South Korea$5.83M (48%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY Philippines WERE (2022 - 2023):
Brunei-$78.5M (-71.8%)
Thailand-$57.1M (-31.3%)
Malaysia-$53.1M (-100%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, Philippines's main exporting competitors in Crude Petroleum were:
Saudi Arabia $181B
United States $125B
Russia $122B
In 2023, Philippines's main importing competitors in Crude Petroleum were:
China $319B
United States $170B
India $140B

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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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