That dollar amount indicates a 14.3% increase compared to $63.9 billion five years earlier for 2020.
Year over year, the total value of goods exported from the Philippines flatlined via a 0.1% gain from $72.9 billion during 2023.
Based on the average exchange rate for 2024, the Philippine peso depreciated by -13.3% against the US dollar since 2020 and fell by -2.9% from 2023 to 2024. The weaker local currency in the Philippines made exports paid for in stronger US dollars relatively less expensive for international buyers starting from American currency in 2024.
The Philippines ranks among world-leading nations for exporting bananas, pineapples and nickel. Filipino exporters also place as a major force among Asian nations in the international sales for the number one export, electronic circuits.
Key Trading Partners for the Philippines
The latest available country-specific data shows that 85.9% of products exported from the Philippines was bought by importers in: United States of America (16.6% of the Filipino total), Japan (14.1%), Hong Kong (13.2%), mainland China (12.9%), South Korea (4.9%), Thailand (4.05%), Singapore (4.02%), Netherlands (3.9%), Taiwan (3.7%), Germany (3.4%), Malaysia (3%) and Vietnam (2.3%).
From a continental perspective, 66.8% of the Philippines’ exports by value was delivered to fellow Asian countries while 18.6% was sold to importers in North America. The Philippines shipped another 12.7% worth of goods to buyers in Europe.
Tinier percentages went to customers in Oceania (0.9%) led by Australia and New Zealand, Latin America (0.7%) excluding Mexico but including the Caribbean, then Africa (0.2%).
Given the Philippines’ population of 113.2 million people, its total $73 billion in 2024 exported products translates to roughly $650 for every resident in the densely populated island nation in Southeast Asian. That dollar amount approximates the average $650 for 2023.
Philippines Top 10 Exports
The following export product groups categorize the highest dollar value in Filipino global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from the Philippines.
- Electrical machinery, equipment: US$36.7 billion (50.3% of total exports)
- Machinery including computers: $7.1 billion (9.8%)
- Optical, technical, medical apparatus: $3.4 billion (4.7%)
- Ores, slag, ash: $2.74 billion (3.8%)
- Animal/vegetable fats, oils, waxes: $2.3 billion (3.2%)
- Fruits, nuts: $2.1 billion (2.9%)
- Copper: $1.8 billion (2.4%)
- Gems, precious metals: $1.6 billion (2.2%)
- Plastics, plastic articles: $1.2 billion (1.7%)
- Vehicles: $941.9 million (1.3%)
The Philippines’ top 10 export product categories generated over four-fifths (82.2%) of the overall value of its global shipments.
Animal or vegetable fats, oils and waxes represents the fastest grower among the top 10 export categories, up by 81.2% from 2023 to 2024.
In second place for improving export sales was optical, technical and medical apparatus via a 36% advance.
Philippines’s shipments of ores, slag and ash posted the third-fastest gain in value, up by 22.7%.
The leading decliner among Philippines’s top 10 export categories was copper, recording a -30.3% year-over-year drop.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
For a more granular view of exported goods at the four-digit HTS code level, see the section below.
Searchable List of the Philippines’ Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from the Philippines during 2024.
Shown beside each product label is its total export value then the percentage increase or decrease since 2023.
The showcased 100 exported goods were worth a subtotal of US$65.1 billion or 89.2% by value for all products exported from the Philippines during 2024.
The fastest growers among the 100 most valuable exports from the Philippines were: processed petroleum oils (up 2,641% from 2023 to 2024), lenses, prisms and mirrors (up 1,071%), electrical resistors (up 326.2%), electromechanics domestic appliances (up 272.8%) then base metal mountings and fittings (up 178.1%).
Products Generating Highest Trade Surpluses for Philippines
The following types of Filipino product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Electrical machinery, equipment: US$8.9 billion (Down by -33.4% since 2023)
- Fruits, nuts: $1.4 billion (Up by 4%)
- Gems, precious metals: $1.3 billion (Up by 8.4%)
- Animal/vegetable fats, oils, waxes: $874.2 million (Up by 984.5%)
- Optical, technical, medical apparatus: $627.8 million (Reversing a -$419.3 million deficit)
- Copper: $529.1 million (Down by -65.2%)
- Meat/seafood preparations: $417.6 million (Up by 42.1%)
- Nickel: $339.8 million (Down by -25.8%)
- Tobacco, manufactured substitutes: $297.1 million (Up by 68.6%)
- Vegetable/fruit/nut preparations: $287.1 million (Up by 27.7%)
The Philippines has highly positive net exports in the international trade of electronic equipment including consumer electronics. In turn, these cashflows indicate the Philippines’ strong competitive advantages under the electronic equipment category.
Products Causing Greatest Trade Deficits for Philippines
The Philippines incurred an overall -US$61.9 billion trade deficit in 2024, expanding by 1.7% from -$60.8 billion in red ink one year earlier for 2023.
Below are exports from the Philippines that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country the Philippines’ goods trail Filipino importer spending on foreign products.
- Mineral fuels including oil: -US$19.3 billion (Down by -5.1% since 2023)
- Vehicles: -$8.7 billion (Down by -5.6%)
- Cereals: -$5.1 billion (Up by 26.6%)
- Iron, steel: -$4.21 billion (Up by 5.8%)
- Machinery including computers: -$3.93 billion (Down by -16.9%)
- Plastics, plastic articles: -$3.3 billion (Up by 6.1%)
- Articles of iron or steel: -$2.49 billion (Up by 13.9%)
- Pharmaceuticals: -$2.29 billion (Down by -0.2%)
- Food industry waste, animal fodder: -$2.3 billion (Down by -1.8%)
- Meat: -$2.1 billion (Up by 12.4%)
The Philippines has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products. Historically, copious amounts of red ink was incurred for refined petroleum oils followed by crude oil, coal then petroleum gas.
These cashflow deficiencies clearly indicate the Philippines’ competitive disadvantages in the international fossil fuel market, but also represent key opportunities for the Philippines to improve its position in the global economy through focused innovations particularly in alternative energy sources.
Major Filipino Export Companies
Ten Filipino corporations rank among Forbes Global 2000. Below is a sample of the major export companies headquartered in the Philippines that Forbes included.
- Aboitiz Equity Ventures (industrial conglomerates)
- Alliance Global Group (industrial conglomerates)
- Ayala (industrial conglomerates)
- PLDT (telecommunications services)
- San Miguel (industrial conglomerates)
According to global trade intelligence firm Zepol, the following companies are also examples of Filipino export companies.
- Acbel Polytech Philippines (electric static converters, primary batteries)
- Aruze G A Philippines Branch (machine tools, printers, copiers, operated games)
- Calfurn Mfg Philippines (bamboo/wood furniture, kitchenware, tableware)
- Pacific Paint Boysen Philippines (polymers, oils)
- Yuenthai Philippines (shirts, blouses)
In macroeconomic terms, the Philippines’ total exported goods represent 5.3% of its overall Gross Domestic Product for 2024 ($1.367 trillion valued in Purchasing Power Parity US dollars). That 5.3% for exports to overall GDP per PPP in 2024 compares to 5.7% in 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Philippines’ total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. The unemployment rate for the Philippines averaged 4.35% for 2024, down from an average 5.4% for 2023 per the International Monetary Fund.
See also Philippines Top 10 Imports and Philippines Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 7, 2025.
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 7, 2025
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on April 7, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 7, 2025
International Trade Centre, Trade Map. Accessed on April 7, 2025
Investopedia, Net Exports Definition. Accessed on April 7, 2025
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on April 7, 2025
Wikipedia, Gross domestic product. Accessed on April 7, 2025
Wikipedia, List of Companies of the Philippines. Accessed on April 7, 2025
Wikipedia, Philippines. Accessed on April 7, 2025
Wikipedia, Purchasing power parity. Accessed on April 7, 2025
Zepol’s company summary highlights by country. Accessed on April 7, 2025