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The Philippines is a densely populated island in Southeast Asia with a population of 108.9 million people. The Republic of the Philippines is the official name of the country.
In 2020, the Philippines exported 63.9 billion dollars in commodities around the world. This figure represents a 13.4 percent gain from 2016 to 2020, but a minus 9.2 percent decrease from 2020 to 2021.
Using a continental perspective, 70.1 percent of the Philippines' exports were supplied to other Asian countries, while 16.7 percent were sold to North American importers. Another 11.6 percent of the Philippines' exports went to Europe.
Oceania, led by Australia with 0.7 percent, Latin America, excluding Mexico but including the Caribbean with 0.6 percent, and Africa received smaller percentages with 0.2 percent.
Philippines Top Trading Partners
The top trading partners of the Philippines are listed here, along with the countries that imported the most Filipino shipments by dollar value in 2021. The percentage of total Filipino exports for each import country is also indicated.
9.9 billion dollars in Japan accounts for 15.5 percent of total Filipino exports
9.7 billion dollars in the United States accounts for 15.2 percent
9.6 billion dollars in China accounts for 15.1 percent
9.1 billion dollars in Hong Kong accounts for 14.2 percent
3.8 billion dollars in Singapore accounts for 5.9 percent
Thailand is worth 2.9 billion dollars which is 4.5 percent
2.5 billion dollars in South Korea is 4 percent
2.4 billion dollars in Germany accounts for 3.7 percent
Taiwan with 2.1 billion dollars accounts for 3.2 percent
1.9 billion dollars in the Netherlands account for 3 percent
1.8 billion dollars in Malaysia accounts for 2.7 percent
1.3 billion dollars in Vietnam accounts for 2 percent
551.3 million dollars in India accounts for 0.9 percent
545.6 million dollars in Mexico accounts for 0.9 percent
472.7 million francs from France accounts for 0.7 percent
India increased by 3.3 percent and Vietnam went up by 3.3 percent are the only top trading partners to have growth from 2019 to 2020.
France led the way in terms of import purchases from the Philippines, with a minus 40.8 percent drop year over year.
The second position went to South Korea as they went down by minus 21 percent, Mexico went down by minus 18.7 percent, the Netherlands was down by minus 15.8 percent, and the United States also went down by minus 15.8 percent.
Philippines Top Imports
In 2020, the Republic of the Philippines imported goods worth 112.9 billion dollars from throughout the world. This represents a 60.9 percent increase from 2016, but a minus 1.9 percent decrease from 2019 to 2020.
The Philippine peso has fallen by minus 4.5 percent against the US dollar since 2016 but has appreciated by 4.2 percent from 2019 to 2020, according to the average exchange rate for 2020.
In comparison to 2019, a stronger local currency in the Philippines makes Filipino imports paid in stronger US dollars considerably less expensive when converted from the Philippine peso.
From a continental viewpoint, fellow Asian countries accounted for nearly two-thirds or 63.8 percent of the Philippines' total imports by value in 2020.
The Philippines received 7.1 percent of its imports from Europe, while 6.9 percent came from North America.
Oceania got 1.3 percent, led by Australia and New Zealand, Latin America with 1 percent, excluding Mexico but encompassing the Caribbean, and Africa with 0.7 percent.
With a population of 108.9 million people, the Philippines' total of 112.9 billion dollars in 2020 imports equates to nearly 1,050 dollars in annual product demand from each individual in the Southeast Asian country.
The following product groups show the import purchases with the largest monetary value in 2020.
The percentage share of each product category in terms of overall imports into the Philippines is also shown.
27 billion dollars in electrical machinery and equipment which account for 23.9 percent of total imports
Mineral fuels, which include oil, are worth 13.6 billion dollars 12 percent
12.5 billion dollars in machinery, including computers, accounts for 11.1 percent
8.5 billion dollars in vehicles accounts for 7.5 percent
3.9 billion dollars in iron and steel stands at 3.5 percent
3.7 billion dollars in plastics and plastic goods account for 3.3 percent
Cereals are worth 2.9 billion dollars which accounts for 2.6 percent
2.8 billion dollars for aircraft and spacecraft which accounts for 2.5 percent
2.4 billion dollars in optical, technical, and medical equipment accounts for 2.1 percent
1.9 billion dollars in iron and steel articles accounts for 1.7 percent
The Philippines' top ten imports accounted for more than two-thirds of the total value of its product purchases from other nations which is 70.1 percent.
The fastest-growing growth in value among the top 10 import categories was optical, technological, and medical gear, which increased by 17.5 percent from 2019 to 2020.
Cereals, which grew by 7 percent, was the other top sector to grow, owing to greater overseas sales of rice and wheat in the Philippines.
Iron and steel went down by minus 24.7 percent and aviation and spacecraft were the biggest losers year over year going down by minus 14.5 percent.
Philippines Top Exports
Republic of the Philippines, a Southeast Asian country in the western Pacific Ocean, sent 63.9 billion dollars worth of commodities throughout the world in 2020.
This figure represents a 13.4 percent gain from 2016 to 2020, but a minus 9.2 percent decrease from 2019 to 2021.
The Philippine peso has fallen by minus 4.5 percent against the US dollar since 2016 but has appreciated by 4.2 percent from 2019 to 2020, according to the average exchange rate for 2020.
Exports paid for in weaker US dollars are substantially more expensive for overseas customers in 2020 due to a stronger local currency in the Philippines compared to 2019.
Electronic circuits, computers, computer parts and accessories, insulated wire or cable, and printing gear were the Philippines' top export exports by value in 2020.
In total, the significant exports account for 46.7 percent of the Philippines' total export sales.
Those items point to a somewhat narrow spectrum of exporting goods. The Philippines ranks among the top exporters of bananas, pineapples, and nickel in the world. Filipino exporters are also a prominent factor in the international sales of the Philippines' top export, electronic circuits.
According to the most recent available data, importers in Japan accounted for 15.5 percent of the global total, the United States accounts for 15.2 percent, China 15.1 percent, Hong Kong claims 14.2 percent, Singapore accounts for 5.9 percent, Thailand accounts for 4.5 percent, South Korea accounts for 4 percent, Germany accounts for 3.7 percent, Taiwan 3.2 percent, Netherlands accounts for 3 percent, Malaysia 2.7 percent, and Vietnam purchased 89.1 percent of products exported from the Philippines.
On a continental scale, 70.1 percent of the Philippines' exports were supplied to other Asian countries, while 16.7 percent were sold to North American buyers.
Another 11.6 percent of the Philippines' exports went to Europe.
Oceania, led by Australia with 0.7 percent, Latin America, excluding Mexico but including the Caribbean with 0.6 percent, and Africa received smaller percentages of 0.2 percent.
With a population of 108.9 million people, the Philippines' total export revenue of 63.9 billion dollars in 2020 equates to about 600 dollars per citizen on the densely populated Southeast Asian island.
The following export product groups are the most valuable in terms of dollars in Filipino global shipments in 2020.
The percentage share of each export category in terms of total exports from the Philippines is also shown.
31.7 billion dollars in electrical machinery and equipment accounting for 49.7 percent of total exports
9.5 billion dollars in machinery, including computers, accounts for 14.9 percent
2.3 billion dollars in fruits and nuts account for 3.6 percent
1.8 billion dollars in optical, technical, and medical equipment accounts for 2.8 percent
1.7 billion dollars in ores, slag, and ash account for 2.7 percent
1.7 billion dollars in copper account for 2.7 percent
1.4 billion dollars in gems and precious metals account for 2.1 percent
939.1 million dollars in vehicles account for 1.5 percent
918.8 million dollars in animal/vegetable fats, oils, and waxes account for 1.4 percent
895.4 million dollars in plastics and plastic goods account for 1.4 percent
Over four-fifths or 83 percent of the value of the Philippines' global shipments was accounted for by its top ten exports.
Ores, slag, and ash were the fastest-growing export category among the top ten, up 40.6 percent from 2019 to 2020, owing to increased overseas sales of nickel and iron ores and concentrates.
Copper was the only other top export product to climb by 23.4 percent. Optical, technological, and medical apparatus was the highest decliner among the Philippines' top 10 export categories, with a minus 17.6 percent reduction year over year.
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