The Philippines exported US$72.9 billion worth of goods around the globe in 2023, up by 3.7% compared to $70.3 billion five years earlier for 2019.
From 2022 to 2023, the total value of products exported from the Philippines dropped by -7.6% starting from $78.9 billion.
Applying a continental lens, just over two-thirds (67.4%) of Philippines’ exports by value was delivered to fellow Asian countries while 17.7% was sold to importers in North America. Philippines shipped another 13% worth of goods to Europe.
Tinier percentages went to customers in Oceania (0.9%) led by Australia and New Zealand, Latin America (0.7%) excluding Mexico but including the Caribbean, then Africa (0.3%).
To give global perspective, the Philippines is a relatively small player in international trade. The value of Filipino exports represents a tiny 0.3% of total world exports of $23.267 trillion for 2023.
In contrast, the Philippines’ population of 112.9 million amounts to 1.4% of the head count for everyone on the planet.
Philippines Top Trading Partners
The list below showcases the Philippines’ top 25 trading partners, countries that imported the most Filipino shipments by dollar value during 2023. Also shown is each import country’s percentage of total Filipino exports.
- United States: US$11.4 billion (15.7% of total Filipino exports)
- mainland China: $10.6 billion (14.6%)
- Japan: $10.4 billion (14.3%)
- Hong Kong: $8.8 billion (12%)
- Singapore: $3.52 billion (4.8%)
- South Korea: $3.48 billion (4.8%)
- Netherlands: $3.1 billion (4.2%)
- Thailand: $2.9 billion (4%)
- Taiwan: $2.6 billion (3.6%)
- Germany: $2.5 billion (3.4%)
- Malaysia: $2.2 billion (3%)
- Vietnam: $1.7 billion (2.3%)
- India: $1.1 billion (1.5%)
- Mexico: $898.9 million (1.2%)
- Indonesia: $747.8 million (1%)
- France: $678.3 million (0.9%)
- Canada: $578.2 million (0.8%)
- Switzerland: $561.4 million (0.8%)
- Australia: $556.5 million (0.8%)
- United Kingdom: $507.1 million (0.7%)
- United Arab Emirates: $336.8 million (0.5%)
- Italy: $261.3 million (0.4%)
- Spain: $238.9 million (0.3%)
- Belgium: $233.9 million (0.3%)
- Poland: $223.9 million (0.3%)
By value, the above 25 countries bought 96.2% of all exports from the Philippines during 2023.
Leading gainers among the above top trading partners were India (up 53.3% from 2022), South Korea (up 11.3%), United Arab Emirates (up 6.9%), Belgium (up 6.6%), then the Netherlands (up 4.9%).
The severest decliners among the leading customers buying Filipino exports were Singapore (down -28.3% from 2022), Hong Kong (down -16.3%), Thailand (down -13.2%) and Italy (down -12.1%).
Countries Causing Greatest Trade Deficits for the Philippines
The Philippines recorded an overall -US$60.8 billion trade deficit in 2023, falling by -9.1% from -$67 billion in red ink one year earlier for 2022.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2023, the Philippines incurred the highest trade deficits at the expense of the following countries.
- mainland China: -US$20.3 billion (country-specific trade deficit in 2023)
- Indonesia: -$11.5 billion
- South Korea: -$5.4 billion
- Thailand: -$5.3 billion
- Malaysia: -$4.1 billion
- Singapore: -$3.9 billion
- Australia: -$3.4 billion
- Vietnam: -$3.3 billion
- Saudi Arabia: -$2.32 billion
- Taiwan: -$2.3 billion
Among the Philippines’ trading partners that cause the greatest negative trade balances, Filipino deficits with Australia (up 32.1%), Thailand (up 22.8%) and Singapore (up 8.9%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate competitive disadvantages with the above countries, but also represent key opportunities for the Philippines to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Highest Trade Surpluses for the Philippines
Based on Investopedia definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
The Philippines incurred the highest trade surpluses with the following countries.
- Hong Kong: US$6.7 billion (country-specific trade surplus in 2023
- Netherlands: $2.5 billion
- United States of America: $2.3 billion
- Mexico: $511.7 million
- Germany: $206.6 million
- Switzerland: $167.8 million
- Hungary: $99.1 million
- Poland: $80.3 million
- Bulgaria: $47.8 million
- Czech Republic: $44.6 million
Among the Philippines’ trading partners that generate the greatest positive trade balances, Filipino surpluses with Poland (up 52.9%), Bulgaria (up 26.7%) and the Netherlands (up 17.9%) grew from 2022 to 2023.
These positive cashflow streams clearly indicate competitive advantages with the above countries, but also represent key opportunities for the Philippines to develop country-specific strategies to optimize its overall position in international trade.
Major Companies Servicing Filipino Trading Partners
Ten Filipino corporations rank among Forbes Global 2000. Below is a sample of the major companies headquartered in the Philippines that Forbes included.
- Aboitiz Equity Ventures (industrial conglomerates)
- Alliance Global Group (industrial conglomerates)
- Ayala (industrial conglomerates)
- PLDT (telecommunications services)
- San Miguel (industrial conglomerates)
According to global trade intelligence firm Zepol, the following companies are also examples of Filipino export companies.
- Acbel Polytech Philippines (electric static converters, primary batteries)
- Aruze G A Philippines Branch (machine tools, printers, copiers, operated games)
- Calfurn Mfg Philippines (bamboo/wood furniture, kitchenware, tableware)
- Pacific Paint Boysen Philippines (polymers, oils)
- Yuenthai Philippines (shirts, blouses)
See also Philippines Top 10 Exports and Philippines Top 10 Imports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on July 7, 2024.
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 7, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on July 7, 2024
Investopedia, Net Exports Definition. Accessed on July 7, 2024
Trade Map, International Trade Centre. Accessed on July 7, 2024
Wikipedia, List of Companies of the Philippines. Accessed on July 7, 2024
Wikipedia, Philippines. Accessed on July 7, 2024
Zepol’s company summary highlights by country. Accessed on July 7, 2024