The electronic products exports fall by USD -479.41 million. This was followed by coconut oil, which is decreased by USD -51.82 million and travel goods and handbags by USD – 34.69 million.

As per Custom Import Export Data, Philippines international trade to GDP ratio for 2022 was 72.42%. Philippines is a developing country and it heavily relies on the trade and foreign direct investment. The economy of Philippines is a burgeoning market and one of the most vibrant economies in the Asia-Pacific region.

Here are all the relevant import and export Statistics of Philippines

Exports

1. Annual decline of trade deficit: The balance of trade in goods is the difference between the value of export and import. In the first quarter of 2023, the balance of trade in goods amounted to USD – 4.93 billion, showcasing a trade deficit with an annual increase of 7.5%. In February 2023, the same year, the trade deficit recorded an annual decline of -2.0 percent and in March 2022, it showcased an annual increase of 66.5%.

2. Negative growth from exports: As per the Philippines Export Data, the total export sales of Philippines in 2023 amounted to USD 6.53 billion, showcasing a slow decrease at an annual rate of -9.1% from decrement of -18.1 percent in previous month.  In first quarter of 2022, the total export sales increased at an annual rate of 6%.  Electronic products were the top commodity group with the highest annual decline in value of exports.

3. Year to date annual total export decreased: The year to date annual total export earnings, from January to March 2023 amounted to USD 16.86 billion. This showcases an annual decrease of -13.2% from year-to-date annual total export value of USD 19.43 billion in 2022 first quarter.

4. Increase of export sales of electronic product group: In the first quarter of 2023, electronic product group continued to be the top exports in 2023 with the total earnings of USD 3.49 billion or 53.4% of total exports of the country during that period. This was followed by other mineral products with an export value of USD 385.35 million and other manufactured goods that amounted to USD 351.17 million.

5. Largest portion of export goods comprises of manufactured goods: Export of manufactured goods comprised the largest to the country’s total exports in 2023 accounting to USD 5.11 billion 78.3%. Mineral products with a share of USD 770.37 million and total agro based products that contributed USD 466.31 million were the next to follow.

6. Highest of total export value- People’s Republic of China: As per the Philippines Shipment Data, the exports to People’s Republic of China comprised of the highest export value accounting to USD 1.42 billion or a share of 21.8% to the country’s total exports during month. The top five trading partners of Philippines in first quarter of 2023 were Japan, the United States of America, Hong Kong and Singapore.

7. Asia-Pacific Economic Cooperation countries accounted for majority exports: As per Philippines Custom Data, the majority of the country’s merchandise exports in 2023 first quarter went to the APEC countries with a share of USD 5.49 billion of the total exports of the country. This was followed by East Asia, valued at USD 3.43 billion and the association of South East Asian Nations at USD 989.89 million. 

8. Highest exports value was from Eastern Asia region: Eastern Asia comprised highest export value in 2023 first quarter. It was followed by Southeastern Asia with an export value of USD 990.19 million and Northern America with USD 934.45 million worth export value.

Imports

1. Value of import fall:  As per the Philippines Import Data, the total imported goods in 2023 accounted to USD 11.46 billion showcasing an annual fall of -2.7%.  In the same year, the commodity group with highest decrement in value of imported goods was mineral fuels, related materials and lubricants at USD -519.28 million.

2. Year to date annual total import value reduced: YTD annual total import value in first quarter of 2023 amounted to USD 31.44 billion, showcasing a decrease of -3.3% from total imports value of USD 32.51 million in 2022.

3. Highest imports electronic products: The commodity group with the highest imported value in 2023 was electronic products with an import value of USD 2.34 billion or share of 20.4% to total imports of the country. It was followed by Mineral fuels, lubricants and related materials.

4. Highest imports – raw materials and intermediate goods: Imports of raw materials and intermediate goods accounted for largest share to total imports of country.

5. People republic China highest import value: People Republic China was the highest supplier of imported goods valued at USD 2.57 billion or 22.4% of total imports of country in 2023. The top five imports partners are Indonesia, Japan, Republic of Korea and Thailand. 

6. APEC countries: APEC countries were the biggest suppliers of imported goods in 2023 with a share of USD 9.90 billion.

7. Highest import value: Eastern Asia contributed to the highest import value among geographic region.

Wrap up

In the first quarter of 2023, the total external trade in goods of the country amounted to USD 17.98 billion, which indicates an annual decline of 5.1% from its level of USD 18.95 billion in the same period of previous year. The total international trade in March 2023 63.7% was imported goods, while the rest were the export goods.