Philippines trade balance, exports, imports by country 2019 (2024)

FAQs

What is the balance of trade in the Philippines 2019? ›

Philippines trade balance for 2019 was $-45.51B, a 11.79% increase from 2018. Philippines trade balance for 2018 was $-40.71B, a 36.72% increase from 2017.

Overall Exports and Imports for Philippines 2019

The total value of exports (FoB) was 70,927 million. The total value of imports (CIF) was 117,247 million. At the HS6 digit level, 2,971 products were exported to 211 countries and 4,347 products were imported from 187 countries.

The top two import sources of the Philippines were China and Japan, with 22.7% and 9.4% import share, respectively. The United States was the largest export market of the Philippines, with 15.9% of total exports value in 2021. It was followed by China, a very close second, which accounted for 15.5%.

In a report released Friday, the PSA said the balance of trade in goods or the difference between the value of exports and imports, recorded a deficit of USD4. 53 billion, down from USD5. 3 billion in April last year. The total external trade in goods amounted to USD14.

Read this in The Manila Times digital edition. THE country's trade deficit hit $4.93 billion in March as imports continued to outweigh exports, the Philippine Statistics Authority reported on Tuesday.

Balance of Trade in Philippines averaged -571156.99 USD Thousand from 1957 until 2023, reaching an all time high of 1144700.00 USD Thousand in September of 1999 and a record low of -6024890.82 USD Thousand in August of 2022.

Imports The top imports of Philippines are Integrated Circuits ($14B), Refined Petroleum ($9.04B), Office Machine Parts ($3.11B), Broadcasting Equipment ($2.84B), and Cars ($2.77B), importing mostly from China ($48.9B), Japan ($10.4B), South Korea ($9.23B), Indonesia ($9.21B), and United States ($8.16B).

Of the total external trade in January 2023, 67.7 percent were imported goods, while the rest were exported goods.

Amidst lingering global and local uncertainties, the Philippine economy is poised to grow at 6.4 percent in 2019 and 6.5 percent in 2020 and 2021.

Philippines major imports are: electronic products (25 percent), mineral fuels (21 percent) and transport equipment (10 percent). Philippines's main import partners are: China (13 percent), the United States (11 percent), Japan (8 percent) and Taiwan (8 percent).

What is Philippines biggest export? ›

Exports in Philippines account for nearly a third of GDP. Major exports are: electronic products (42 percent), other manufactures (10 percent) and woodcrafts and furniture (6 percent). Philippines is also the world's largest producer of coconut, pineapple and abaca.

In April 2023, the country's total external trade in goods amounted to USD 14.34 billion, which indicates an annual decline of -18.6 percent from... Read more about Highlights of the Philippine Export and Import Statistics April 2023 (Preliminary).

Philippines exports of goods and services as percentage of GDP is 25.19% and imports of goods and services as percentage of GDP is 32.99%.

MANILA, Philippines – Economic restrictions, poor infrastructure and bureaucracy remain the major concerns pulling back Philippine trade and investment from reaching their full growth potential, according to a report by the Nordic Business Council Philippines (NBCP).

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share to the total imports amounting to USD 3.71 billion (36.1%) in December 2022. Imports of capital goods ranked second with a share of USD 2.88 billion (28.1%), followed by consumer goods with USD 1.88 billion (18.3%).

In particular, trade openness and foreign portfolio flows have contributed to higher per capita GDP growth in the Philippines, following the implementation of FX liberalisation reforms. A significant increase in OF remittances has raised consumption, investment, labour productivity and economic growth.

The balance of trade is the difference between a country's exports and imports of goods, while the balance of payments is a record of all international economic transactions made by a country's residents, including trade in goods and services, as well as financial capital and financial transfers.

What is an example of trade balance? ›

Balance of Trade = Country's Exports – Country's Imports. For example, suppose the USA imported $1.8 trillion in 2016 but exported $1.2 trillion to other countries. Then, the USA had a trade balance of -$600 billion, or a $600 billion trade deficit.

Based on the report of the Philippine Statistics Authority (PSA) adopting 2018 as the new base year for the national income accounts, six of the 17 regions in the Philippines surpassed the 6.0% overall economic growth in 2019. The Bicol region registered the fastest growth rate at 7.4% from 6.9% in 2018.

To ensure food sufficiency, the country has depended on imports, such that our import dependency ratio in 2021 was at 25.1 percent, according to data from the Philippine Statistics Authority.

Exporting Benefits Local and Foreign Markets Alike

Indeed, export and import activities help generate much-needed jobs and support economic growth in the localities where they transpire. Moreover, exporting is also mutually beneficial in terms of learning for both exporters and importers alike.

Food imports (% of merchandise imports) in Philippines was reported at 13.92 % in 2022, according to the World Bank collection of development indicators, compiled from officially recognized sources.

Amidst rising global uncertainties, the Philippine economy remains strong and is projected to grow 5.8% in 2019, before recovering to 6.1% and 6.2% in 2020 and 2021, respectively. In the short term, fast tracking the implementation of recently approved game-changing reforms would help to achieve inclusive growth.

Key challenges face the country: significantly high unemployment numbers; a high inflation rate (forecast to reach 5.1 percent in 2023); rising policy rates; import and export bottlenecks; and the declining strength of the Philippine peso against the American dollar.

At the end of 2021, China had been the Philippines' largest trading partner for six consecutive years, and its second-largest export market.

What American products are popular in the Philippines? ›

Key U.S. exports to the Philippines are agriculture goods, machinery, cereals, raw and semi-processed materials for the manufacture of semiconductors, electronics, and transport equipment. The two countries have a bilateral Trade and Investment Framework Agreement, signed in 1989, and a tax treaty.

Of the total external trade in March 2023, 63.7 percent were imported goods, while the rest were exported goods. By major trading partner, exports to People's Republic of China comprised the highest export value amounting to USD 1.42 billion or a share of 21.8 percent to the country's total exports during the month.

The country's major agricultural crops are rice, corn, coconut, sugarcane, banana, cassava, pineapple, and vegetables. The major livestock products are hog, cattle, carabao, goat, and dairy products.

Among the top drivers for Philippine agricultural exports to China are fresh fruits, dominated by Cavendish bananas, followed by fresh pineapples, Lady Finger bananas, Solo papayas, Hass avocados and young green coconuts.

In the Philippines, you can be considered “rich” if you earn at least P182,000 and up each month. You are “high income” if you make P109,200 to P182,000; “upper middle income” if you take home between P63,700 to P109,200; and middle class if you earn between P63,700 to P109,200 each month.

Regional Comprehensive Economic Partnership

The Philippines and 14 Asia Pacific countries – Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Myanmar, New Zealand, Singapore, Thailand, and Vietnam – signed a free trade agreement in 2020 which is expected to enter into force in 2022.

Philippines external debt hits record high $111.3 billion in 2022.

Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product. Philippines trade to gdp ratio for 2021 was 63.50%, a 5.33% increase from 2020. Philippines trade to gdp ratio for 2020 was 58.17%, a 10.67% decline from 2019.

Americans who advocated annexation evinced a variety of motivations: desire for commercial opportunities in Asia, concern that the Filipinos were incapable of self-rule, and fear that if the United States did not take control of the islands, another power (such as Germany or Japan) might do so.

Why is the Philippines important to the US? ›

The Philippines is the United States' oldest ally in the Indo-Pacific. Since 1951, the U.S.-Philippines alliance has advanced peace, prosperity, and security for the United States, the Philippines, and the broader Indo-Pacific region.

Philippines is currently our 31st largest goods trading partner with $18.9 billion in total (two way) goods trade during 2020. Goods exports totaled $7.7 billion; goods imports totaled $11.1 billion.

The correct answer is USA. The USA remained India's top trading partner for the second consecutive fiscal in 2019-20, which shows increasing economic ties between the two countries. In 2019-20, the bilateral trade between the USA and India stood at USD 88.75 billion as against USD 87.96 billion in 2018-19.

Philippines has a high level of specialization in Nickel Ore (79.6), Coconut Oil (43.3), Bananas (24.5), Photocopiers (22.3), and Cameras (18.8). Specialization is measured using RCA, an index that takes the ratio between Philippines observed and expected exports in each product.

People's Republic of China had the highest import value

The People's Republic of China was the country's biggest supplier of imported goods valued at USD 2.07 billion or 19.3 percent of the total imports in January 2022. Singapore, USD 616.74 million (5.7%).