The Philippines, known for its breathtaking beaches and rich cultural heritage, is also a significant player on the global economic stage. In 2021, it stood as the 36th largest economy in the world in terms of Gross Domestic Product (GDP).
But what really fuels this vibrant Southeast Asian nation’s economic engine? In this blog post, we’ll take a closer look at the key imports and exports that drive the Philippine economy.
In 2021, the Philippines held the 36th position globally in terms of GDP, the 41st position in total exports, and the 33rd position in total imports according to Philippines customs data. While it ranked 121st in terms of GDP per capita, it displayed considerable economic complexity, securing the 37th position according to the Economic Complexity Index (ECI).
Exports: What the Philippines Sells to the World
The Philippines boasts a diverse range of exports that span various industries. Here are some of the top exports that significantly contribute to the country’s economic growth:
1. Integrated Circuits ($27.5B)
Integrated circuits, often found in electronic devices, were the Philippines’ top export in 2021. These microchips are a crucial component in a wide range of electronic products, driving demand worldwide.
2. Office Machine Parts ($11.1B)
As businesses and industries continue to rely on technology, the export of office machine parts remains a lucrative trade for the Philippines.
3. Insulated Wire ($3.05B)
Insulated wire exports play a pivotal role in connecting the world, supporting industries such as telecommunications and electrical engineering.
4. Electrical Transformers ($2.49B)
Electrical transformers are indispensable in transmitting and distributing electrical energy efficiently, making them an essential export for the Philippines.
5. Semiconductor Devices ($2.44B)
Semiconductor devices are another key export that powers the global electronics industry, with the Philippines being a significant player.
Top Export Destinations
The Philippines primarily exports its goods to the following countries:
- China ($15.1B)
- United States ($13.3B)
- Japan ($11.5B)
- Hong Kong ($11.4B)
- Singapore ($6.19B)
In a noteworthy achievement, the Philippines was the world’s biggest exporter of Nickel Ore ($1.5B) and Gold Clad Metals ($62.5M) in 2021.
Imports: What Fuels the Philippine Economy
Just as vital as its exports are the imports that sustain the Philippines’ domestic industries and consumer needs. Here are some of the top imports according to Philippines import data that shape the nation’s economy:
1. Integrated Circuits ($14B)
Integrated circuits, while also a top export, are a significant import due to their role in various industries, including consumer electronics.
2. Refined Petroleum ($9.04B)
To meet its energy demands, the Philippines imports refined petroleum products to fuel its industries and transportation sector.
3. Office Machine Parts ($3.11B)
The import of office machine parts complements the nation’s thriving technology sector, supporting businesses and innovation.
4. Broadcasting Equipment ($2.84B)
As the media landscape evolves, the Philippines imports broadcasting equipment to keep its communication infrastructure up-to-date.
5. Cars ($2.77B)
The import of cars reflects the demand for personal and commercial vehicles, a sign of the nation’s growing economy.
Top Import Sources
The Philippines primarily sources its imports from the following countries:
- China ($48.9B)
- Japan ($10.4B)
- South Korea ($9.23B)
- Indonesia ($9.21B)
- United States ($8.16B)
In 2021, the Philippines was the world’s biggest importer of Iron Sheet Piling ($284M) and Copra ($32.8M).
The Philippines’ economic landscape is dynamic and ever-evolving, driven by a mix of high-tech exports and essential imports. Integrated circuits, office machine parts, and refined petroleum stand out as key players on both sides of the trade equation.
With its strategic global partnerships and a diverse range of goods and services, the Philippines continues to make a mark on the world stage, shaping its economic destiny in the process.
If you’re curious to dive even deeper into the world of international trade and get comprehensive data about various countries, Import Globals is a valuable source. It provides in-depth insights and information about global trade trends, helping you understand the intricate web of economic connections that shape our world. It’s a fantastic resource for anyone interested in exploring the intricate details of international commerce.