Flag Philippines

2019
Economic
Complexity
: 0.68, Rank 42 of 157

2019
Product
Exports | Imports
: $86.6B | $127B, 39 of 225 |  33 of 225

2019
Per Capita Product
Exports | Imports
: $801 | $1.17k, 133 of 219 |  140 of 219

2018
Service
Exports | Imports
: $34.2B | $26.7B, 16 of 88 | 23 of 88

Overview: In 2019 Philippines was the number 32 economy in the world in terms of GDP (current US$), the number 39 in total exports, the number 33 in total imports, the number 125 economy in terms of GDP per capita (current US$) and the number 42 most complex economy according to the Economic Complexity Index (ECI).

Exports: The top exports of Philippines are Integrated Circuits ($22.8B), Office Machine Parts ($11.6B), Insulated Wire ($2.66B), Semiconductor Devices ($2.48B), and Electrical Transformers ($2.41B), exporting mostly to China ($13.6B), United States ($12.8B), Japan ($10.8B), Hong Kong ($9.97B), and Singapore ($6.39B).

Imports: The top imports of Philippines are Integrated Circuits ($12.7B), Refined Petroleum ($8.18B), Cars ($3.34B), Crude Petroleum ($3.16B), and Broadcasting Equipment ($3.06B), importing mostly from China ($36.2B), Japan ($10.3B), South Korea ($8.9B), United States ($7.97B), and Singapore ($7.56B).

In 2019, Philippines was the world's biggest importer of Coffee and Tea Extracts ($653M), Copra ($19.2M)

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

Latest Trends (October, 2020)

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Overview: In October 2020 Philippines exported $6.27B and imported $8.52B, resulting in a negative trade balance of $2.25B. Between October 2019 and October 2020 the exports of Philippines have decreased by $-59.8M (-0.94%) from $6.33B to $6.27B, while imports decreased by $-1.54B (-15.3%) from $10.1B to $8.52B.

Trade: In October 2020, the top exports of Philippines were Integrated Circuits ($1.47B), Commodities not elsewhere specified ($834M), Industrial Printers ($252M), Computers ($245M), and Insulated Wire ($228M). In October 2020 the top imports of Philippines were Commodities not elsewhere specified ($902M), Integrated Circuits ($627M), Telephones ($379M), Refined Petroleum ($353M), and Wheat ($213M).

Destinations: In October 2020, Philippines exported mostly to United States ($1.02B), Japan ($975M), China ($955M), Hong Kong ($756M), and Singapore ($399M), and imported mostly from China ($2.06B), Japan ($939M), United States ($701M), South Korea ($602M), and Indonesia ($555M).

Growth: In October 2020, the decrease in Philippines's year-by-year exports was explained primarily by an decrease in exports to Hong Kong ($-127M or -14.3%), United States ($-60.5M or -5.62%), and South Korea ($-51.4M or -15.2%), and product exports decrease in Commodities not elsewhere specified ($-183M or -18%), Trunks and Cases ($-98.3M or -76.1%), and Optical Fibers ($-95.4M or -83.2%). In October 2020, the decrease in Philippines's year-by-year imports was explained primarily by an decrease in imports from Thailand ($-187M or -27.5%), Germany ($-157M or -54.7%), and China ($-139M or -6.34%), and product imports decrease in Crude Petroleum ($-318M or -70.7%), Planes, Helicopters, and/or Spacecraft ($-236M or -96%), and Refined Petroleum ($-177M or -33.4%).

Comparison in Time

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Flow
Value

This section shows the differences between Philippines's total subnational aggregate trade throughout time.

Yearly Exports

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Value
Depth

Top Export (2019): Integrated Circuits, $22.8B

Top Destination (2019): China, $13.6B

In 2019, Philippines exported a total of $86.6B, making it the number 39 exporter in the world. During the last five reported years the exports of Philippines have changed by $9.49B from $77.1B in 2014 to $86.6B in 2019.

The most recent exports are led by Integrated Circuits ($22.8B), Office Machine Parts ($11.6B), Insulated Wire ($2.66B), Semiconductor Devices ($2.48B), and Electrical Transformers ($2.41B). The most common destination for the exports of Philippines are China ($13.6B), United States ($12.8B), Japan ($10.8B), Hong Kong ($9.97B), and Singapore ($6.39B).

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Yearly Imports

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Value
Depth

Top Import (2019): Integrated Circuits, $12.7B

Top Origin (2019): China, $36.2B

In 2019 Philippines imported $127B, making it the number 33 trade destination in the world. During the last five reported years the imports of Philippines changed by $25.9B from $101B in 2014 to $127B in 2019.

The most recent imports of Philippines are led by Integrated Circuits ($12.7B), Refined Petroleum ($8.18B), Cars ($3.34B), Crude Petroleum ($3.16B), and Broadcasting Equipment ($3.06B). The most common import partners for Philippines are China ($36.2B), Japan ($10.3B), South Korea ($8.9B), United States ($7.97B), and Singapore ($7.56B).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

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).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Philippines are Sugars: cane sugar, raw, in solid form, as specified in Subheading Note 2 to this chapter, not containing added flavouring or colouring matter (65%) and Sugars: cane sugar, raw, in solid form, other than as specified in Subheading Note 2 to this chapter, not containing added flavouring or colouring matter (65%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Philippines are:
2: AANZFTA ASEAN - Australia - New Zealand Free Trade Area For Australia and New Zealand
55: ASEAN Korea, Republic of Free Trade Area
56: ASEAN India Free Trade Area
57: ASEAN Japan Free Trade Area
84: Association of Southeast Asian Nations (ASEAN ) Free Trade Area
136: Most Favoured Nation duty rate treatement
148: Philippines - Japan Free Trade Area
184: Preferential tariff for China

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 20 years Philippines's⁩ ⁨economy has become relatively mÑs complex, moving from the ⁩⁨95th to the 42nd⁩ 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.

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Most Specialized Products by RCA Index

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Philippines has a high level of specialization in Coconut Oil (43.5), Nickel Ore (36.5), Bananas (28.3), Recovered Paper Pulp (25.5), and Nickel Mattes (19.9). 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

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The highest complexity exports of Philippines according to the product complexity index (PCI) are Measuring or checking instruments nes (1.93), Instruments to check or measure electricity, radiation (1.77), Prepared unrecorded sound recording media (non-photo) (1.74), Parts, accessories, except covers, for office machines (1.56), and Electro and permanent magnets, equipment using magnets (1.55). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Philippines according to the relatedness index, are Other Edible Animal Products (0.23), Rubber Thread (0.22), Rubber Apparel (0.21), Watch Movements (0.2), and Telephones (0.2). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Philippines is not specialized in.

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 it is currently specialized in.

Diversification Frontier

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Filter
Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.