Overview: In February 2021 Philippines exported $5.36B and imported $8.51B, resulting in a negative trade balance of $3.16B. Between February 2020 and February 2021 the exports of Philippines have decreased by $-43.9M (-0.81%) from $5.4B to $5.36B, while imports increased by $1B (13.3%) from $7.51B to $8.51B.
Trade: In February 2021, the top exports of Philippines were Integrated Circuits ($1.19B), Commodities not elsewhere specified ($636M), Computers ($246M), Insulated Wire ($220M), and Industrial Printers ($180M). In February 2021 the top imports of Philippines were Commodities not elsewhere specified ($836M), Integrated Circuits ($579M), Refined Petroleum ($558M), Telephones ($206M), and Cars ($183M).
Destinations: In February 2021, Philippines exported mostly to United States ($907M), Japan ($885M), Hong Kong ($660M), China ($647M), and Thailand ($261M), and imported mostly from China ($2.1B), Japan ($823M), South Korea ($737M), Singapore ($616M), and Indonesia ($596M).
Growth: In February 2021, the decrease in Philippines's year-by-year exports was explained primarily by an decrease in exports to Singapore ($-56.2M or -18%), Japan ($-44.1M or -4.75%), and Netherlands ($-31.8M or -17.9%), and product exports decrease in Bananas ($-87.5M or -53.4%), Optical Fibers ($-83.8M or -80.8%), and Commodities not elsewhere specified ($-69.2M or -9.81%). In February 2021, the increase in Philippines's year-by-year imports was explained primarily by an increase in imports from China ($1.13B or 118%), Singapore ($103M or 20%), and Indonesia ($94.8M or 18.9%), and product imports increase in Other Sea Vessels ($171M or 7.94k%), Refined Petroleum ($142M or 34.2%), and Telephones ($55.9M or 37.2%).