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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 41st largest export economy in the world.
Its annual exports total $54.3 billion and imports for the same period are $80.5 billion, resulting in a negative trade balance of $26.3 billion.
The value of the Philippines's annual exports has fallen at an annualized rate of -3.92% over the last five years from $71.1 billion to $54.3 billion during this period.
GDP of the Philippines is $304 billion, which equates to a GDP per capita of $7,810K.
The Philippines's Top 5 Commodity Exports
|Coconut Oil||$1.14 billion|
|Nickel Ore||$582 million|
|Copper Ore||$527 million|
The Philippines's Other Notable Exports
- Integrated Circuits – $13.6 billion
- Computers – $4.47 billion
- Semiconductor Devices – $2.33 billion
- Office Machine Parts – $1.7 billion
- Electrical Transformers – $1.54 billion
The top export destinations of the Philippines are Japan ($11.7 billion), the United States ($8.67 billion), Hong Kong ($6.58 billion), China ($6.19 billion) and Singapore ($3.7 billion).
The Philippines's Top 5 Commodity Imports
|Refined Petroleum||$3.56 billion|
|Crude Petroleum||$3.6 billion|
|Coal Briquettes||$1.03 billion|
|Soybean Meal||$936 million|
The Philippines's Other Notable Imports
- Integrated Circuits – $9.51 billion
- Cars – $3.93 billion
- Coated Flat-Rolled Iron – $746 million
- Petroleum Gas – $418 million
- Corn – $202 million
More Information on the Philippines's Imports/Exports
Exports of coconut oil represent 2.1% 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 $5.83 billion each year, behind Indonesia on 47%.
The Philippines predominantly exports coconut oil to the Netherlands and the United States, who import 81% of their total annual shipments.
With annual shipments of bananas worth $619 million, this commodity accounts for 1.1% of the Philippines's yearly export total.
Global exports of bananas total $11.8 billion annually and the Philippines is the sixth largest exporter with a 5.3% share of that global market.
The overall value of global banana shipments has risen by 30.9% over the last five years and the Philippines has posted a 4.5% decline in exported banana sales during that time.
The annual global gold export market is worth $324.6 billion and with annual exports worth $610 million, the Philippines has a less than 0.5% share, although these shipments represent 1.1% of the country’s export values.
Switzerland is the leading exporter of gold and the Philippines ships 54% of its gold exports to this country, followed by Hong Kong (24%), who are the second largest exporter.
Exports of nickel ore account for 1.1% of the Philippines's annual exports and the country is the leading exporter of this commodity with a 35% share of a market worth $1.68 billion each year.
China is a major export destination for the Philippines's shipments of Nickel Ore and takes 76% of its annual exports, followed by Hong Kong (13%) and Japan (9.7%).
Global annual shipments of copper ore total $44.2 billion and the Philippines has a 1.2% market share with shipments of $527 million.
Japan (53%) is the biggest importer of the Philippines's copper ore exports, followed by China (24%) and South Korea (22%).
A Few 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 2016 calculations and projections unless otherwise stated.