That dollar amount of Filipino spending reflects a 48.6% increase from $90.8 billion in 2020, but slowed to a 0.8% year-over-year gain from $133.8 billion starting in 2023.
Based on the average exchange rate for 2024, the Philippine peso depreciated by -13.3% against the US dollar since 2020 from 2023 to 2024. Weaker local currency in the Philippines makes Filipino imports paid for in stronger US dollars relatively more expensive when converted starting from the Philippine peso.
Major Suppliers by Country for Filipino Imports
The latest available country-specific data shows that 82% of products imported by the Philippines was supplied by exporters in: mainland China (25.6% of the Filipino total), Indonesia (8.4%), Japan (7.9%), South Korea (7.4%), United States of America (6.6%), Thailand (5.8%), Malaysia (4.6%), Singapore (4.4%), Vietnam (4.2%), Taiwan (3.1%), Australia (2.3%) and India (1.7%).
Applying a continental lens, trade partners also located in Asia supplied 79.5% of imports delivered to the Philippines while 7.6% worth of goods originated from North America. Another 6.8% was sold by suppliers in Europe.
Tinier percentages came from Oceania (3%) led by Australia, New Zealand and Papua New Guinea, Latin America (2.7%) excluding Mexico but including the Caribbean, then Africa (0.4%).
Given the Philippine population of 113.2 million people, its total $134.9 billion in 2024 imports translates to $1,200 in yearly product demand from every person in the Southeast Asian nation. That dollar amount mirrors the average $1,200 one year earlier in 2023.
Philippines Top 10 Imports
The following product groups represent the highest dollar value worth of import purchases during 2024. Also shown is the percentage share each product category represents in terms of overall imports into the Philippines.
- Electrical machinery, equipment: US$27.8 billion (20.6% of total imports)
- Mineral fuels including oil: $20.3 billion (15%)
- Machinery including computers: $11.1 billion (8.2%)
- Vehicles: $9.6 billion (7.1%)
- Cereals: $5.1 billion (3.8%)
- Plastics, plastic articles: $4.49 billion (3.3%)
- Iron, steel: $4.42 billion (3.3%)
- Ores, slag, ash: $3.4 billion (2.5%)
- Articles of iron or steel: $2.9 billion (2.2%)
- Optical, technical, medical apparatus: $2.8 billion (2.1%)
The Philippines’ top 10 import product categories generated over two-thirds (68.1%) of the overall value of its product purchased from other countries.
Imported cereals posted the greatest increase in value among the top 10 import categories, up 106.9% from 2023 to 2024. Imports of rice, corn and wheat were strong drivers for that percentage growth.
Another leading gain among the Philippines’ top import categories was the 15.7% advance for imported items made from iron or steel, ahead of the 8.3% growth for imported plastics—both as materials and items made from plastic.
The severest decliners among the leading Filipino import categories were imports of metals-related ores, slag and ash (down -14.8%) then imported vehicles (down -5.1%).
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
The analysis below presents a more detailed view of imported goods at the four-digit HTS code level.
From the four-digit HTS code perspective, buyers in the Philippines spent the most on imported electronic integrated circuits and microassemblies (9.7% of Filipino imports spending), processed petroleum oils (8.2%), cars (3.3%), crude oil (2.8%), coal including solid fuels made from coal (2.4%), rice (1.9%), copper ores and concentrates (1.7%), phone devices including smartphones (1.7%), trucks (also 1.7%), then wheat (1.5%).
Top Electrical Products Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.
- Integrated circuits/microassemblies: US$13.1 billion (down -1.7% from 2023)
- Phone devices including smartphones: $2.3 billion (up 11.1%)
- Solar power diodes/semi-conductors: $1.9 billion (up 7.2%)
- Insulated wire/cable: $1.4 billion (up 5.5%)
- Printed circuits: $1.2 billion (up 4.7%)
- Lower-voltage switches, fuses: $966.8 million (up 5.7%)
- Electrical converters/power units: $831.3 million (up 0.2%)
- Unrecorded sound media: $549.9 million (up 112.6%)
- Electrical/optical circuit boards, panels: $522.2 million (up 10%)
- Electrical capacitators: $458.2 million (up 20.9%)
Among these import subcategories, Philippine purchases of unrecorded sound media (up 112.6%), electrical capacitators (up 20.9%) then phone devices including smartphones (up 11.1%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Filipino businesses and consumers.
Top Mineral Fuels and Related Products Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$11.1 billion (down -1.3% from 2023)
- Crude oil: $3.7 billion (down -10.9%)
- Coal, solid fuels made from coal: $3.3 billion (down -19.5%)
- Petroleum gases: $2 billion (up 28.3%)
- Petroleum oil residues: $81.8 million (up 8.7%)
- Natural bitumen, asphalt, shale: $56.2 million (up 4.5%)
- Coke, semi-coke: $34.8 million (down -6.1%)
- Coal tar oils (high temperature distillation): $17.5 million (up 23.7%)
- Petroleum jelly, mineral waxes: $7.6 million (down -8.2%)
- Asphalt/petroleum bitumen mixes: $835,000 (down -7.6%)
Among these import subcategories, Philippine purchases of petroleum gases (up 28.3%), high-temperature distilled coal tar oils (up 23.7%) then petroleum oil residues (up 8.7%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported fossil fuel-related products among Filipino businesses and consumers.
Top Machinery Including Computers Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of machines including computers.
- Computer parts, accessories: US$1.6 billion (down -7.2% from 2023)
- Computers, optical readers: $1.2 billion (up 24.2%)
- Turbo-jets: $683.6 million (up 8.7%)
- Air conditioners: $665.6 million (up 25.4%)
- Printing machinery: $528 million (up 5.1%)
- Refrigerators, freezers: $500.7 million (up 10.8%)
- Miscellaneous machinery: $437.6 million (up 1.3%)
- Heavy machinery (bulldozers, excavators, road rollers): $405.1 million (down -22.0%)
- Air or vacuum pumps: $347.5 million (up 4.1%)
- Taps, valves, similar appliances: $339.5 million (up 25.9%)
Among these import subcategories, Philippine purchases of taps, valves and similar appliances (up 25.9%), air conditioners (up 25.4%) then computers and optical readers (up 24.2%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Filipino businesses and consumers.
Top Vehicles Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of vehicles-related products.
- Cars: US$4.5 billion (down -9% from 2023)
- Trucks: $2.3 billion (up 3.3%)
- Motorcycles: $1.5 billion (down -10.6%)
- Public-transport vehicles: $411.1 million (up 3.3%)
- Automobile parts/accessories: $363 million (down -2.3%)
- Motorcycle parts/accessories: $196.5 million (up 5.8%)
- Tractors: $133.7 million (up 0.9%)
- Special purpose vehicles: $96.1 million (up 16.4%)
- Trailers: $58.4 million (up 38.3%)
- Chassis fitted with engine: $51.6 million (down -10.1%)
Among these import subcategories, Philippine purchases of trailers (up 38.3%), special purpose vehicles (up 16.4%) then motorcycle parts or accessories (up 5.8%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles-related products among Filipino businesses and consumers.
See also Philippines Top 10 Exports and Philippines Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 26, 2025.
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 26, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 26, 2025
Investopedia, Net Exports Definition. Accessed on April 26, 2025
Trade Map, International Trade Centre. Accessed on April 26, 2025
Wikipedia, List of Companies of the Philippines. Accessed on April 26, 2025
Wikipedia, Philippines. Accessed on April 26, 2025