In this economic guide to the Philippines, we’ll give you an overview of the Filipino economy, including the country’s primary imports and exports of goods and services, as well as their primary destinations.
Economy of the Philippines – Overview
Although the Philippines comprises of more than 7,000 islands, the vast majority of the population lives on only 11 of them. At present, the country is the 38th largest export economy in the world.
Its annual exports total $97.8 billion and imports for the same period are $35 billion, resulting in a negative trade balance of $36.7 billion.
The value of the Philippines’s annual exports has fallen by $17.6 billion over the last five years from 2013 ($80.2 billion) to 2018 ($97.8 billion).
GDP of the Philippines
GDP of the Philippines is $331 billion, which equates to a GDP per capita of $3,103. The island nation’s GDP ranks 38th out of 196 countries.
Top 5 Commodity Exports
- Gold – $2 billion
- Bananas – $1.8 billion
- Coconut Oil – $1.3 billion
- Refined Copper – $1.1 billion
- Copper Ore – $670 million
The Philippines’s Other Notable Exports
- Integrated Circuits – $31 billion
- Office Machine Parts – $8.9 billion
- Computers – $5 billion
- Semiconductor Devices – $3.4 billion
- Electrical Transformers – $2.5 billion
Top 5 Commodity Imports
- Refined Petroleum – $9.2 billion
- Crude Petroleum – $4.8 billion
- Coal Briquettes – $1.9 billion
- Wheat – $1.6 billion
- Semi-Finished Iron – $1.2 billion
The Philippines’s Other Notable Imports
- Integrated Circuits – $20 billion
- Cars – $3.8 billion
- Planes, Helicopters, and/or Spacecraft – $2.5 billion
- Broadcasting Equipment – $2.5 billion
- Office Machine Parts – $2 billion
Details About Filipino Imports/Exports
Here we’ve provided some in-depth analysis of Filipino exports.
Exports of coconut oil represent 1.34% of the Philippines’s annual export values and the country is the second largest exporter of this commodity in the world. It has a 20% share of a global market worth $6.59 billion each year.
The Philippines ranks #2, behind Indonesia which has a 41.2% share of the market.
Trade partners for the Philippines exports of coconut oil include the United States and the Netherlands, which account for 70.5% of its exports.
With annual shipments of bananas worth $1.82 billion, this commodity was the 9th most exported product from Philippines’s, representing 1.9% of all exports.
Global exports of bananas total $14 billion annually and the Philippines is the 2nd largest exporter with a 13% share of that global market. The island nation ranks second only behind Ecuador in banana exports.
The annual global gold export market is worth $305 billion and with annual exports worth $2.01 billion, the Philippines has a less than 0.66% share. These shipments represent 2% of the country’s export values.
Switzerland is the leading exporter of gold. The Philippines ships 69.2% of its gold exports to Hong Kong, who are the 5th largest import destination for all gold.
Exports of nickel ore (0.49%) and nickel mattes (0.63%) account for 1.12% of the Philippines’s annual exports and the country is the 2nd leading exporter of nickel ore (behind Indonesia) with a 16.5% share of a market worth $2.92 billion each year.
China is a major export destination for the Philippines’s shipments of Nickel Ore and takes 83% of its annual exports, followed by Japan taking the last 17%.
Global annual shipments of copper ore total $64.2 billion and the Philippines has a 1% market share with shipments of $670 million.
Japan ($316 million) is the biggest importer of the Philippines’s copper ore exports, followed by Singapore ($107 million), China ($97.4 million), South Korea ($61.3 million), and India ($43.1 million).
Interesting Facts About the Philippines
- Three of the biggest shopping malls in the world can be found in the Philippines.
- The Philippines is the only majority Christian nation in Asia.
- The country is the 12th most populous in the world and its annual growth rate of 2% makes it one of the fastest growing nations.
- About 25% of overseas nurses working worldwide originate from the Philippines.
All figures based on OEC/IMF 2018 calculations and projections unless otherwise stated.
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