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29-08-2023
The Republic of the Philippines imported $145.9 billion worth of goods from the world in 2022, a 26.7% year-on-year increase from $124.4 billion in 2021.
The Philippines exported $78.9 billion worth of products to the world in 2022, up 5.8% from $74.6 billion in 2021.
82.4% of the Philippines' imports were supplied by exporters from the following countries: mainland China (20.4% of the global total), Indonesia (9.6%), Japan (9%), South Korea (8.7%) %), United States (6.6%), Singapore (5.8%), Thailand (5.2%), Taiwan (4.9%), Malaysia (4.6%), Vietnam ( 3.3%), Hong Kong (2.2%) and Australia (2.1%).
Philippine buyers spent the most on imports of electronic integrated circuits and micro assemblies (11.8% of Philippine imports), processed petroleum (9.9%), coal (including solid fuels made from coal) (4.1%), crude oil (2.6%), automobiles (2.4%), wheat (1.8%), telephony equipment including smartphones (1.7%), computer parts or accessories ( 1.5%), solar diodes and semiconductors (also 1.5%) , then soybean oil cake and other solid residues (1.3%).
The Philippines is one of the world leaders in the export of bananas, pineapples, nickel, and electronic circuits. The fastest-growing Philippine export products are: unrecorded sound media (up 1,982% from 2022) 2021 to 2022), electric water heaters and hair dryers (up 162.8%), parts of television, radio, and radar equipment (up 152.5%), pipes, chewing tobacco, or snuff (up 151%), and precious metal scraps or scrap (up) 100.8%), followed by iron ores and concentrates (up 72.9%).
Of the Philippines' exports, 87.8% were purchased by importers from the United States (15.8% of the global total), Japan (14.1%), China (13.9%), Hong Kong Hong Kong (13.3%), Singapore (6.2%), Thailand (4.3%), South Korea (4%), Taiwan (3.8%), Netherlands (3.7%), Germany (3.5%) ), Malaysia (3.1%) and Vietnam (2.2%).
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