[1] Primary trade source
OECD Bilateral International Merchandise Trade Statistics, harmonised by Yugalinks at country-year, HS2 and bilateral-corridor levels. Coverage shown here is 1995–2024 where observations are available.
Country intelligence · PHL · 2024
Philippines trade profile
In 2024, Philippines recorded $83.1B in merchandise exports and $146.5B in imports, producing a $63.4B trade deficit. Exports changed -2.4% from the previous year, while imports changed -0.6%.[1]
Exports
$83.1B
-2.4%
Imports
$146.5B
-0.6%
Trade balance
-$63.4B
deficit
Active partners
270
22 FTA-linked
Historical evidence
Ten-year trade movement
The bars compare exports and imports on the same scale. The accompanying table preserves the exact values so the trend is usable without interpreting a graphic.
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
ExportsImports
Exact annual values
Leading export sectors
HS2 chapters rank broad product groups by observed export value in 2024.
1$42.0B
HS 85 · Electrical machinery
262 active HS6 lines · 179 export partners
2$10.4B
HS 84 · Machinery
515 active HS6 lines · 174 export partners
3$3.1B
HS 90 · HS chapter
142 active HS6 lines · 150 export partners
4$2.8B
HS 26 · HS chapter
31 active HS6 lines · 24 export partners
5$2.6B
HS 71 · Precious metals and stones
50 active HS6 lines · 98 export partners
6$2.1B
HS 08 · HS chapter
66 active HS6 lines · 116 export partners
7$2.1B
HS 15 · HS chapter
45 active HS6 lines · 108 export partners
8$2.0B
HS 74 · HS chapter
49 active HS6 lines · 66 export partners
Leading export markets
Destinations rank bilateral export flows from Philippines; growth describes each corridor rather than the whole economy.
1$16.2B
China
Annual change -3.2% · 3-year CAGR -7.4%
2$12.3B
United States
Annual change +5.5% · 3-year CAGR -0.1%
3$9.6B
Japan
Annual change -4.0% · 3-year CAGR -3.9%
4$5.9B
Hong Kong
Annual change -1.3% · 3-year CAGR -0.8%
5$4.0B
South Korea
Annual change -2.4% · 3-year CAGR 5.6%
6$3.7B
Germany
Annual change -6.4% · 3-year CAGR -0.5%
7$3.4B
Singapore
Annual change -15.7% · 3-year CAGR -19.0%
8$3.1B
Thailand
Annual change +1.6% · 3-year CAGR -4.6%
Sources, definitions and limitations
Calculation notes
USD values are aggregated from reported merchandise records. YoY compares consecutive annual totals; three-year CAGR is the mart-provided compound annual growth rate. Missing values are not inferred.