The Philippines exported US$73 billion worth of goods around the globe in 2024, up by 14.3% compared to $63.9 billion five years earlier for 2020.
From 2023 to 2024, the total value of products exported from the Philippines flatlined via a 0.1% gain from $72.9 billion during 2023.
Applying a continental lens, about two-thirds (66.8%) of the Philippines’ exports by value was delivered to fellow Asian countries while 18.6% was sold to importers located 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%).
To give global perspective, the Philippines is a relatively small player in international trade. The value of Filipino exports represents a tiny 0.3% of total world exports of $23.267 trillion for 2023.
In contrast, the Philippines’ population of 113.2 million amounts to 1.4% of the head count for everyone on the planet for 2024 (8.2 billion).
Philippines Top Trading Partners
The list below showcases the Philippines’ top 25 trading partners, countries that imported the most Filipino shipments by dollar value during 2024. Also shown is each import country’s percentage of total Filipino exports.
- United States: US$12.1 billion (16.6% of total Filipino exports)
- Japan: $10.3 billion (14.1%)
- Hong Kong: $9.6 billion (13.2%)
- mainland China: $9.4 billion (12.9%)
- South Korea: $3.6 billion (4.9%)
- Thailand: $2.95 billion (4%)
- Singapore: $2.94 billion (4%)
- Netherlands: $2.87 billion (3.9%)
- Taiwan: $2.7 billion (3.7%)
- Germany: $2.5 billion (3.4%)
- Malaysia: $2.2 billion (3%)
- Vietnam: $1.7 billion (2.3%)
- India: $1.09 billion (1.5%)
- Indonesia: $1.05 billion (1.4%)
- Mexico: $875.4 million (1.2%)
- Switzerland: $613.6 million (0.8%)
- Canada: $547.5 million (0.8%)
- United Kingdom: $546.5 million (0.7%)
- Australia: $541.9 million (0.7%)
- France: $403.9 million (0.6%)
- United Arab Emirates: $389.9 million (0.5%)
- Czech Republic: $385.2 million (0.5%)
- Spain: $310.1 million (0.4%)
- Italy: $308.9 million (0.4%)
- Poland: $252.9 million (0.3%)
By value, the above 25 countries bought 96% of all exports from the Philippines during 2024.
Leading gainers among the above top trading partners were the Czech Republic (up 85.8% from 2023), Indonesia (up 40.5%), Spain (up 29.8%), Italy (up 18.2%), United Arab Emirates (up 15.8%), then Poland (up 13%).
Double-digit decliners among the leading customers buying Filipino exports were France (down -40.5% from 2023), Singapore (down -16.6%) and mainland China (down -11.5%).
Countries Causing Greatest Trade Deficits for the Philippines
The Philippines recorded an overall -US$61.9 billion trade deficit in 2024, increasing by 1.7% from -$60.8 billion in red ink one year earlier for 2023.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2024, the Philippines incurred the highest trade deficits at the expense of the following countries.
- mainland China: -US$25.1 billion (country-specific trade deficit in 2024)
- Indonesia: -$10.2 billion
- South Korea: -$6.5 billion
- Thailand: -$4.8 billion
- Vietnam: -$4.1 billion
- Malaysia: -$4 billion
- Singapore: -$3.1 billion
- Australia: -$2.5 billion
- Brazil: -$2.1 billion
- Saudi Arabia: -$2 billion
Among the Philippines’ trading partners that cause the greatest negative trade balances, Filipino deficits with Brazil (up 54.4%), Vietnam (up 23.9%) and mainland China (up 23.6%) grew at the fastest pace from 2023 to 2024.
These cashflow deficiencies clearly indicate competitive disadvantages with the above countries but also represent key opportunities for the Philippines to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Highest Trade Surpluses for the Philippines
Based on Investopedia definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
The Philippines incurred the highest trade surpluses with the following countries.
- Hong Kong: US$7.5 billion (country-specific trade surplus in 2024
- United States of America: $3.3 billion
- Netherlands: $2.3 billion
- Mexico: $425.2 million
- Switzerland: $271.4 million
- Czech Republic: $266.5 million
- Germany: $192.1 million
- Poland: $79.8 million
- Iran: $66.1 million
- Hungary: $59.4 million
Among the Philippines’ trading partners that generate the greatest positive trade balances, Filipino surpluses with the Czech Republic (up 497.3%), Iran (up 77.1%) and Switzerland (up 61.8%) grew at the fastest pace from 2023 to 2024.
These positive cashflow streams clearly indicate competitive advantages with the above countries, but also represent key opportunities for the Philippines to develop country-specific strategies to optimize its overall position in international trade.
Major Companies Servicing Filipino Trading Partners
Ten Filipino corporations rank among Forbes Global 2000. Below is a sample of the major 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)
See also Philippines Top 10 Exports and Philippines Top 10 Imports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 11, 2025.
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 11, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 11, 2025
Investopedia, Net Exports Definition. Accessed on April 11, 2025
Trade Map, International Trade Centre. Accessed on April 11, 2025
Wikipedia, List of Companies of the Philippines. Accessed on April 11, 2025
Wikipedia, Philippines. Accessed on April 11, 2025
Zepol’s company summary highlights by country. Accessed on April 11, 2025