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2023
Exports $168MWorld Rnk 93 / 219
Flag Rnk 42 / 96
2023
Destination $11.8M India
2022 - 2023
FASTEST GROWING MARKET $11.8MCanada
2023
PRODUCT COMPLEXITY IN Iron & steel1.66Rnk 26 / 1025
2023
Imports $4.15BWorld Rnk 30 / 224
Flag Rnk 6 / 96
2023
Origin $99.8M China
2022 - 2023
FASTEST GROWING ORIGIN $99.8MKazakhstan
2023
ECONOMIC COMPLEXITY of Philippines0.64Rnk 40 / 132

About

Exports In 2023, Philippines exported $168M in Iron & steel, making it the 93rd largest exporter of Iron & steel in the world. At the same year, Iron & steel was the 42nd most exported product in Philippines. The main destination of Iron & steel exports from Philippines are: India ($35.2M), South Korea ($25M), Chinese Taipei ($17.6M), Japan ($16.3M), and Singapore ($14M).

The fastest growing export markets for Iron & steel of Philippines between 2022 and 2023 were Canada ($11.8M), India ($11.3M), and Singapore ($2.8M).

Imports In 2023, Philippines imported $4.15B in Iron & steel, becoming the 30th largest importer of Iron & steel in the world. At the same year, Iron & steel was the 6th most imported product in Philippines. Philippines imports Iron & steel primarily from: China ($2.19B), Japan ($536M), Indonesia ($364M), Malaysia ($215M), and South Korea ($153M).

The fastest growing import markets in Iron & steel for Philippines between 2022 and 2023 were Kazakhstan ($99.8M), Saudi Arabia ($51.3M), and China ($41.1M).

COMPANIES In 2023, leading companies such as Panasonic (13) and Reebok (1) were at the forefront of shipping Iron & steel from Philippines to the United States.

Latest Trends

July 2024

About

Overview In July 2024 Philippines' Iron & steel exports accounted up to $16.4M and imports accounted up to $468M, resulting in a negative trade balance of $451M. Between July 2023 and July 2024 the exports of Philippines'   Iron & steel have decreased by $-511k (-3.02%) from $16.9M to $16.4M, while imports increased by $198M (73.7%) from $269M to $468M.

Destinations In July 2024, Iron & steel were exported mostly to Japan ($8.09M), India ($2.34M), Chinese Taipei ($1.34M), South Korea ($1.19M), and Thailand ($988k), and were imported mostly from China ($267M), Indonesia ($71.5M), Japan ($58.9M), Vietnam ($30.2M), and Chinese Taipei ($13.9M).

Growth In July 2024, the decrease in Iron & steel's year-by-year exports was explained primarily by a decrease in exports to South Korea ($-1.4M or -42.8%), Chinese Taipei ($-927k or -72.7%), and Malaysia ($-859k or -99.1%). In July 2024, the increase in Iron & steel's year-by-year imports was explained primarily by an increase in imports from Indonesia ($35.5M or 148%), China ($16.3M or 14.5%), and Japan ($10M or 20.8%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$-511k(-3.02%)
IMPORT GROWTH (July 2023 - July 2024)$198M(73.7%)
MAIN DESTINATION (July 2024)Japan$8.09M

This section shows Iron & steel'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 Iron & steel over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$168M
IMPORTS (2023)$4.15B
NET TRADE (2023)-$3.98B

In 2023, Philippines exported $168M in Iron & steel. The main destinations of Philippines exports on Iron & steel were India ($35.2M), South Korea ($25M), Chinese Taipei ($17.6M), Japan ($16.3M), and Singapore ($14M).

In 2023, Philippines imported $4.15B in Iron & steel, mainly from China ($2.19B), Japan ($536M), Indonesia ($364M), Malaysia ($215M), and South Korea ($153M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Iron & steel EXPORT MARKETS FOR Philippines WERE (2022 - 2023):
Canada$11.8M (10.5k%)
India$11.3M (47.1%)
Singapore$2.8M (25%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Iron & steel BY Philippines WERE (2022 - 2023):
South Korea-$22.7M (-47.6%)
Vietnam-$21.3M (-75.6%)
China-$11.7M (-55.2%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, Philippines's main exporting competitors in Iron & steel were:
China $66.2B
Germany $32.6B
Japan $31.6B
In 2023, Philippines's main importing competitors in Iron & steel were:
China $35.2B
United States $33.1B
Germany $27.8B

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Trade Value of Iron & steel by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALIndia+ $21.2M
TOP IMPORT POTENTIALSouth Korea+ $87.9M

Iron & steel’s highest export potential is India. With an export gap of $21.2M.   Iron & steel’s highest import potential is South Korea with an import gap of $87.9M.

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