Key Takeaways
| Insight | Details |
|---|---|
| Total Trade Value | $205.46 billion in 2024, ranking the Philippines 40th globally. |
| Top Export Destinations | US, Japan (15.4% each), and China (14.8%) lead, with China showing a 2.7% growth in share. |
| Top Import Origins | China dominates at 22.9%, followed by Japan (9.2%) and South Korea (7.8%). |
| Leading Export Product | Electronic integrated circuits (22.9% share), valued at $15 billion, despite a 2.7% decline. |
| Leading Import Product | Petroleum oils (9.5% share), valued at $271 billion, with a 1.5% growth. |
| Forecasted Growth | Total trade expected to grow by 7.4% annually through 2029, with exports at 7.0% and imports at 7.6%. |
The Philippines plays a vital role in global trade, with its economy heavily influenced by both exports and imports. This report provides an in-depth analysis of the Philippines’ trade performance, focusing on key data, export destinations, import origins, and product categories for the period 2018–2023, with forecasts extending to 2029.
We explore trade value changes, growth rates, and the top products driving the Philippines’ international trade. For businesses aiming to engage in this market, partnering with a logistics provider like SLG Logistics can streamline shipping operations. This report offers valuable insights for businesses, policymakers, and researchers interested in the Philippines’ trade trends.
Key Trade Data and Rankings (2019–2024)
The Philippines’ trade landscape has shown resilience despite global economic challenges. Here’s a breakdown of the key figures:
| Metric | Value | Global Rank |
|---|---|---|
| Total Trade Value | $205.46 billion | 40th |
| Exports | $57.48 billion | 46th |
| Imports | $129.58 billion | 36th |
Trade Value Changes (2019–2024)
| Metric | Change | 2019 Value | 2024 Value |
|---|---|---|---|
| Total Trade Volume | -7.8% | $223.08 billion | $205.46 billion |
| Export Volume | -8.6% | $62.88 billion | $57.48 billion |
| Import Volume | -7.3% | $139.88 billion | $129.58 billion |
Forecasted Trade Growth (2024–2029)
| Metric | Annual Growth Rate |
|---|---|
| Total Trade Growth | 7.4% |
| Export Growth | 7.0% |
| Import Growth | 7.6% |
The trade value growth chart (2000–2029) shows a dip around 2020, likely due to the global pandemic, followed by a steady recovery. By 2029, both exports and imports are expected to see significant growth. The annualized growth rate map indicates regional variations, with some areas experiencing growth rates as high as 38%, while others face declines of up to 22%.
Top Export Destinations (2018–2023)
The Philippines’ export markets are heavily concentrated in Asia and North America. Here are the top five destinations for Philippine goods between 2018 and 2023:
| Destination | Share | Change in Share | Shipping Support |
|---|---|---|---|
| United States | 15.4% | -2.7% | N/A |
| Japan | 15.4% | +0.6% | N/A |
| China | 14.8% | +2.7% | Shipping from the UK to China |
| Hong Kong SAR | 9.4% | -0.4% | N/A |
| Singapore | 5.2% | +0.5% | Shipping from the UK to Singapore |
Other notable destinations include Thailand (4.4%), Germany (3.7%), South Korea (3.5%), Taiwan (3.4%), and Vietnam (3.4%). The map of export destinations highlights the Philippines’ strong trade ties with Asia, with the US as a key non-Asian partner. For businesses targeting other Southeast Asian markets, SLG Logistics provides tailored shipping solutions, such as UK to Brunei, UK to Cambodia, UK to Indonesia, UK to Malaysia, UK to Myanmar, UK to Philippines, UK to Thailand, and UK to Vietnam.
Top Import Origins (2018–2023)
The Philippines’ imports are primarily sourced from Asian countries, reflecting its regional trade focus. The top five origins for Philippine imports are:
| Origin | Share | Change in Share |
|---|---|---|
| China | 22.9% | +1.8% |
| Japan | 9.2% | -0.5% |
| South Korea | 7.8% | +1.3% |
| United States | 7.6% | -0.5% |
| Singapore | 6.8% | +0.5% |
Other key origins include Thailand (6.5%), Indonesia (5.7%), Taiwan (4.7%), Malaysia (4.5%), and Vietnam (3.4%). The import origins map underscores the Philippines’ reliance on Asian neighbors, particularly China. For businesses importing goods, SLG Logistics offers sea freight services to ensure efficient delivery.
Top Export Products (2017–2022)
The Philippines’ export portfolio is dominated by electronics and machinery. Here are the top five export products by share:
| Product | Share | Value | Change in Share |
|---|---|---|---|
| Electronic Integrated Circuits | 22.9% | $15 billion | -2.7% |
| Computers and Parts | 8.7% | $4 billion | +0.5% |
| Industrial Machinery | 5.4% | $3 billion | +0.5% |
| Copper | 5.2% | $2 billion | +0.5% |
| Gold | 4.7% | $2 billion | -0.5% |
Other significant exports include electrical machinery (HS 85) and precious metals (HS 71). The treemap of export products highlights the dominance of electronic integrated circuits (HS 854239), which alone account for nearly a quarter of the Philippines’ export revenue. For businesses exporting electronics or machinery, SLG Logistics provides land trucking services to facilitate seamless transportation.
Top Import Products (2017–2022)
The Philippines’ imports are led by electronics, machinery, and energy products. The top five import products by share are:
| Product | Share | Value | Change in Share |
|---|---|---|---|
| Electronic Integrated Circuits | 11.9% | $15 billion | +1.8% |
| Petroleum Oils | 9.5% | $271 billion | +1.5% |
| Industrial Machinery | 7.9% | $84 billion | +0.5% |
| Vehicles | 5.7% | $87 billion | -0.5% |
| Plastics | 3.7% | $39 billion | +0.5% |
Other notable imports include electrical machinery (HS 85) and cereals (HS 10). The import treemap emphasizes the Philippines’ reliance on electronic integrated circuits (HS 854239) and petroleum oils (HS 271000). For high-value imports like electronics, SLG Logistics offers air freight services to ensure fast and secure delivery.
Trade Growth Forecast and Opportunities
The forecasted trade growth rate of 7.4% annually through 2029 indicates a robust recovery for the Philippines. Exports are expected to grow at 7.0% per year, while imports are projected to rise by 7.6%. This growth presents opportunities for businesses to expand into key markets like the US, Japan, and China, as well as emerging markets in Southeast Asia. For example, businesses can explore opportunities in South Asia, such as shipping from the UK to India, to tap into growing markets.
Opportunities for Growth
| Opportunity | Description |
|---|---|
| Leveraging Asian Markets | The Philippines can further strengthen trade ties with China, Japan, and Singapore, which are already major partners. |
| Expanding Electronics Exports | Electronic integrated circuits and computers are strong export categories that can drive future growth. |
| Diversifying Import Sources | While China dominates imports, exploring alternative sources for key products like petroleum oils could reduce dependency risks. |
Conclusion
The Philippines’ trade landscape in 2024 reflects a dynamic economy with strong ties to Asia and the US. While total trade volume has declined since 2019, the forecasted growth of 7.4% annually through 2029 signals a promising future. China, Japan, and the US are pivotal trade partners, with electronic integrated circuits, petroleum oils, and industrial machinery dominating the trade portfolio. By leveraging its strengths in electronics and expanding into emerging markets, the Philippines can enhance its position in global trade.
For businesses and policymakers, understanding these trends is crucial for strategic planning. Whether you’re exporting electronics to the US or importing machinery from China, the Philippines’ trade data provides valuable insights. Partnering with SLG Logistics can help you navigate these opportunities with expert shipping and logistics solutions tailored to your needs.