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2023
Economic Complexity
Trade 0.64Rank 40 of 132
2021
Economic Complexity
Technology -0.36Rank 61 of 96
2022
Economic Complexity
Research -0.002Rank 59 of 140
2023
Product
Exports | Imports $101B | $137B42 of 226 |  35 of 226
2023
Per Capita Product
Exports | Imports $878 | $1.19k126 of 220 |  155 of 220

About

Overview In 2023, Philippines was the number 33 economy in the world in terms of GDP (current US$), the number 42 in total exports, the number 35 in total imports, the number 133 economy in terms of GDP per capita (current US$) and the number 40 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Philippines are Integrated Circuits ($28.9B), Office Machine Parts ($8.86B), Gold ($4.26B), Insulated Wire ($3.6B), and Semiconductor Devices ($2.96B), exporting mostly to China ($19B), United States ($13.3B), Hong Kong ($11.7B), Japan ($11.4B), and Germany ($4.91B).

In 2023, Philippines was the world's biggest exporter of Nickel Ore ($2.01B) and Gold Clad Metals ($18.5M)

Imports The top imports of Philippines are Integrated Circuits ($13B), Refined Petroleum ($10.9B), Cars ($5.14B), Crude Petroleum ($4.15B), and Coal Briquettes ($3.52B), importing mostly from China ($34.6B), Indonesia ($11.4B), Japan ($10.4B), South Korea ($8.88B), and United States ($8.75B).

In 2023, Philippines was the world's biggest importer of Iron Sheet Piling ($360M) and Animal Fat ($86.9M)

Location Philippines borders China, Indonesia, Japan, Malaysia, Palau, Vietnam, and Chinese Taipei by sea.

Latest Trends

July, 2024

About

Overview In July 2024 Philippines exported $6.25B and imported $11.8B, resulting in a negative trade balance of $5.56B. Between July 2023 and July 2024 the exports of Philippines have increased by $4.34M (0.069%) from $6.24B to $6.25B, while imports increased by $834M (7.6%) from $11B to $11.8B.

Trade In July 2024, the top exports of Philippines were Integrated Circuits ($1.41B), Commodities not elsewhere specified ($620M), Insulated Wire ($265M), Coconut Oil ($215M), and Industrial Printers ($159M). In July 2024 the top imports of Philippines were Refined Petroleum ($893M), Commodities not elsewhere specified ($852M), Integrated Circuits ($668M), Cars ($379M), and Coal Briquettes ($324M).

Destinations In July 2024, Philippines exported mostly to United States ($1.06B), Japan ($872M), China ($791M), Hong Kong ($745M), and South Korea ($305M), and imported mostly from China ($3.24B), Indonesia ($1.01B), Japan ($951M), South Korea ($841M), and United States ($739M).

Growth In July 2024, the increase in Philippines's year-by-year exports was explained primarily by an increase in exports to Malaysia ($36.3M or 16.5%), Indonesia ($29.9M or 53.6%), and Italy ($29.5M or 211%), and product exports increase in Copper Ore ($116M or 492%), Coconut Oil ($92.6M or 76%), and Mirrors and Lenses ($84.9M or 1.45k%). In July 2024, the increase in Philippines's year-by-year imports was explained primarily by an increase in imports from China ($472M or 17%), South Korea ($192M or 29.6%), and Indonesia ($146M or 16.9%), and product imports increase in Semi-Finished Iron ($97.4M or 300%), Petroleum Gas ($86.3M or 76.1%), and Commodities not elsewhere specified ($59.8M or 7.56%).

Latest Trade

Time Scale
Flow
Color
Depth
EXPORT GROWTH (July 2023 - July 2024)$4.34M(0.069%)
IMPORT GROWTH (July 2023 - July 2024)$834M(7.6%)
MAIN DESTINATION (July 2024)United States$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.

For full datasets download visit Bulk Download page.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Integrated Circuits$28.9B
Top Destination (2023)China$19B

In 2023, Philippines exported a total of $101B, making it the number 42 exporter in the world. During the last five reported years the exports of Philippines have changed by -$13.5B from $114B in 2018 to $101B in 2023.

The most recent exports are led by Integrated Circuits ($28.9B), Office Machine Parts ($8.86B), Gold ($4.26B), Insulated Wire ($3.6B), and Semiconductor Devices ($2.96B). The most common destination for the exports of Philippines are China ($19B), United States ($13.3B), Hong Kong ($11.7B), Japan ($11.4B), and Germany ($4.91B).

Explore Visualizations

Exports (2023)
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Destinations (2023)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2022 - 2023)
India$677M (+ 67.4%)
Japan$184M (+ 1.65%)
Canada$135M (+ 9.25%)
Fastest Growing Import Markets (2022 - 2023)
Thailand$585M (+ 7.58%)
Australia$578M (+ 16.9%)
Vietnam$244M (+ 5.17%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

Type
Flow
Depth
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Service Trade

Service Trade

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).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Overview

Economic Complexity (Trade)0.64Rank 40 of 132
Economic Complexity (Technology)-0.36Rank 61 of 96
Economic Complexity (Research)-0.002Rank 59 of 140

Most Specialized Products by RCA Index

Philippines has a high level of specialization in Nickel Ore (94.2), Coconut Oil (39.7), Sulfides (24.5), Bananas (21.6), and Recovered Paper Pulp (13.6). Specialization is measured using RCA, an index that takes the ratio between Philippines observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Philippines according to the product complexity index (PCI) are Photographic (including cinematographic) laboratory apparatus and equipment, n.e.c. in chapter 90; negatoscopes;... (1.82), Discs, tapes, solid-state non-volatile storage devices, smart cards and other media for... (1.63), Lathes for removing metal (1.58), Measuring or checking instruments, appliances and machines, n.e.c. or included in this... (1.51), and Instruments, apparatus for measuring, checking electrical quantities not meters of heading no.... (1.48). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Philippines according to the relatedness index, were Other Edible Animal Products (0.23), Platinum Clad Metals (0.18), Telephones (0.18), Rare-Earth Metal Compounds (0.18), and Incomplete Movement Sets (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.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Philippines. These are products that tend to be co-exported with the products that Philippines exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Philippines's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨70th to the 40th⁩ 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.

Explore Rankings

ECI (Trade) Ranking by Country

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