The Philippines is a beautiful island nation encompassing over 7,000 islands. Not just only tourism, the Philippines also offers life-changing opportunities for global importers and exporters. Over the years, Philippines infrastructure, industrial, financial sectors and living standard for its people has been improved.
For the year 2021, the Philippines saw a rapid growth in its economy by 5.6%. Its GDP figure was estimated to be around 332 billion US Dollars. It was ranked 37th largest economy in the world as per GDP share. Future trade forecasts suggest that the Philippines’ GDP will cross the 393 Billion US Dollars mark in 2022.
As per our Philippines Export Import Data of 2021, Philippines exported goods of worth 101 Million US Dollars. In terms of Imports, Philippines made total shipments of 6,492,799 with an import value of 127 Billion USD.
With the help of accurate Philippines trade statistics, you can expand your reach in Philippines Market. A Data Driven approach is highly rewarding in global market. It helps you identify market risks, tracks competition and finds genuine business opportunities. Let’s go through Philippines Trade Market!
Complete Overview of Philippines Export Import Data
Top 10 Trading Partners of Philippines in terms of Imports
Philippines Import Data suggests that China, Japan and South Korea are the main exporters to Philippines with a total export value of 492 Billion USD. The top 10 Trading Partners of Philippines in terms of Import value are China (278 Billion USD), Japan (118 Billion USD), South Korea (96 Billion USD), Indonesia (92 Billion USD), United States (82 Billion USD), Singapore (72 Billion USD), Thailand (71 Billion USD), Taiwan (60 Billion USD), Malaysia (56 Billion USD), and Vietnam (44 Billion USD).
Top 10 Product imports by Philippines
As per Philippines customs data, Philippines imports Electrical, Machinery, Fuel oils, Motor Vehicles & parts, Plastics and cereals mostly from China, Japan and South Korea. Philippines top 10 product imports by HS Code, Total Import Value (Billion USD) and Share of Total Imports are mentioned below:
| HS Code | Products Description | Total Import Value(Billion USD) | Share of Total Imports |
1 | Electronic IC | 6.37 | 5.01% | |
2 | Copper, ores, concentrates | 3.24 | 2.55% | |
3 | Base Oil | 3.20 | 2.52% | |
4 | Processors & Controllers | 3.17 | 2.5% | |
5 | Electronic integrated circuits: Parts | 3.12 | 2.46% | |
6 | Coking Coal | 2.48 | 1.95% | |
7 | Computer parts – Main Logic Board | 2.26 | 1.78% | |
8 | Vaccines human medicine | 1.90 | 1.5% | |
9 | Petroleum Oils and Oils obtained from Bituminous | 1.68 | 1.33% | |
10 | Soyabean Meal | 1.33 | 1.05% |
Top 10 Trading Partners of Philippines in terms of Exports
Philippines Export Data suggests that the USA, Japan and Hong Kong are the main importers of Philippines goods with a total import value of 71 Billion USD. The top 10 Trading Partners of Philippines in terms of Export value are The United States of America (35 Billion USD), Japan (25 Billion USD), Hong Kong (11.41 Billion USD), China (11.22 Billion USD), Thailand (3.84 Billion USD), Singapore (3.77 Billion USD), Taiwan (2.95 Billion USD), Germany (2.90 Billion USD), South Korea (2.80 Billion USD), and Netherlands (2.18 Billion USD).
You can discover Top buyers & Suppliers from these countries here.
Top 10 Product exports by Philippines
Philippines is known for manufacturing quality goods at less costs. That is why its Electronic goods, transport equipment, fabrics, and copper products have great demand in international market. As per Philippines Shipment data 2021, the top 10 product commodities exported by Philippines in terms Export Value, and Total Share are mentioned in the table below:
| HS Code | Products Description | Total Export Value(Billion USD) | Share of Total Exports |
1 | Lathes (including Turning Centers) For Removing Metal | 23.76 | 20.57% | |
2 | Electronic integrated circuits: Processors and controllers | 11.15 | 9.66% | |
3 | Electronic integrated circuits: Other | 10.06 | 8.72% | |
4 | Transistors, other than photosensitive transistors | 2.91 | 2.52% | |
5 | Hard Disk, Storage | 2.40 | 2.08% | |
6 | Copper, refined, form | 2.05 | 1.78% | |
7 | Wiring harness for motor vehicle; for used vehicles | 1.72 | 1.49% | |
8 | Parts and accessories of machines | 1.40 | 1.21% | |
9 | Nickel Ores and Concentrates | 1.15 | 1% | |
10 | Printing Machinery used for printing | 1.14 | 1% |
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What products Philippines exports to India
India and the Philippines have been strong trading partners since Independence. India has always been a crucial partner for the Philippines.
The Philippines shares a high trade deficit with India. Its imports are more than its exports to India.
As per Philippines Trade Data 2021, its imports from India have valued at around 2.39 Billion US Dollars. The Philippines mainly imports Machinery, reactors, boilers, cereals, and Meat from India.
Also, Philippines exports to India have measured about 697 Million US Dollars. Its top product exports to India were printing papers, Electronic, organic chemicals, and vegetable oils.
Recently, the Philippines reduced import duty on Indian goods by 35%. That has doubled India’s rice exports. Also, the Philippines is the leading importer of Rice in the world. As per experts, bilateral trade will rise to 7.4% by 2023.
Discover Potential Buyers & Suppliers from Philippines
Exim Trade Data offers result centric import-export data of Philippines. We provide verified data of more than 60+ countries. It provides statistical overview of latest market trends, demands, and risks involved, competitor. You can minimize your time of Market Research and find genuine buyers & Suppliers from our data itself.
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