Overview In August 2021 Philippines exported $6.54B and imported $10.6B, resulting in a negative trade balance of $4.05B. Between August 2020 and August 2021 the exports of Philippines have increased by $1.04B (19%) from $5.5B to $6.54B, while imports increased by $2.8B (35.9%) from $7.8B to $10.6B.
Trade In August 2021, the top exports of Philippines were Integrated Circuits ($1.54B), Commodities not elsewhere specified ($818M), Computers ($298M), Insulated Wire ($241M), and Industrial Printers ($237M). In August 2021 the top imports of Philippines were Commodities not elsewhere specified ($1.17B), Refined Petroleum ($852M), Integrated Circuits ($706M), Wheat ($240M), and Coal Briquettes ($238M).
Destinations In August 2021, Philippines exported mostly to China ($1.06B), United States ($1.04B), Japan ($952M), Hong Kong ($931M), and Singapore ($393M), and imported mostly from China ($2.48B), Japan ($984M), South Korea ($819M), United States ($691M), and Thailand ($680M).
Growth In August 2021, the increase in Philippines's year-by-year exports was explained primarily by an increase in exports to China ($247M or 30.2%), United States ($188M or 22.1%), and Hong Kong ($148M or 18.9%), and product exports increase in Integrated Circuits ($193M or 14.3%), Commodities not elsewhere specified ($125M or 17.9%), and Refined Copper ($98.4M or 142%). In August 2021, the increase in Philippines's year-by-year imports was explained primarily by an increase in imports from China ($535M or 27.5%), Japan ($312M or 46.5%), and South Korea ($286M or 53.6%), and product imports increase in Refined Petroleum ($399M or 88.2%), Commodities not elsewhere specified ($247M or 26.7%), and Vaccines, blood, antisera, toxins and cultures ($132M or 577%).
