That dollar amount reflects a 3.7% increase compared to $70.3 billion five years earlier for 2019.
Year over year, the total value of goods exported from the Philippines fell -7.6% from $78.9 billion during 2022.
Based on the average exchange rate for 2023, the Philippine peso depreciated by -7.4% against the US dollar since 2019 and fell by -2.1% from 2022 to 2023. Weaker local currency in the Philippines made exports paid for in stronger US dollars relatively less expensive for international buyers in 2023.
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 86.8% of products exported from the Philippines was bought by importers in: United States of America (15.7% of the Filipino total), mainland China (14.6%), Japan (14.3%), Hong Kong (12%), Singapore (4.83%), South Korea (4.77%), Netherlands (4.2%), Thailand (4%), Taiwan (3.6%), Germany (3.4%), Malaysia (3%) and Vietnam (2.3%).
From a continental perspective, 67.4% of Philippines’ exports by value was delivered to fellow Asian countries while 17.7% was sold to importers in North America. Philippines shipped another 13% worth of goods to 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 (0.3%).
Given the Philippines’ population of 112.9 million people, its total $72.9 billion in 2023 exported products translates to roughly $650 for every resident in the densely populated island nation in Southeast Asian. That dollar amount lags the average $700 for 2022.
Philippines Top 10 Exports
The following export product groups categorize the highest dollar value in Filipino global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from the Philippines.
- Electrical machinery, equipment: US$40.6 billion (55.6% of total exports)
- Machinery including computers: $6.3 billion (8.7%)
- Copper: $2.51 billion (3.4%)
- Optical, technical, medical apparatus: $2.51 billion (3.4%)
- Ores, slag, ash: $2.2 billion (3.1%)
- Fruits, nuts: $2 billion (2.7%)
- Gems, precious metals: $1.4 billion (2%)
- Animal/vegetable fats, oils, waxes: $1.3 billion (1.8%)
- Plastics, plastic articles: $1.1 billion (1.5%)
- Vehicles: $942.2 million (1.3%)
The Philippines’ top 10 exports generated over four-fifths (83.5%) of the overall value of its global shipments.
Copper was the fastest grower among the top 10 export categories, up by 10.8% from 2022 to 2023.
In second place for improving export sales was the ores, slag and ash category via a 9% gain, led by copper ores and concentrates.
The Philippines’ shipments of gems and precious metals posted the third-fastest gain in value, up by 8.2%.
The leading decliner among the Philippines’ top 10 export categories was animal or vegetable fats, oils and waxes, pulled down by a -41.6% drop year over year.
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 Searchable List of the Philippines’ Most Valuable Export Products further down near the bottom of this article.
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$13.4 billion (Up by 22% since 2022)
- Copper: $1.5 billion (Up by 25.6%)
- Fruits, nuts: $1.4 billion (Up by 0.8%)
- Gems, precious metals: $1.2 billion (Up by 12.7%)
- Nickel: $457.8 million (Down by -25%)
- Meat/seafood preparations: $293.8 million (Down by -4.4%)
- Leather/animal gut articles: $261.5 million (Down by -46.2%)
- Gums, resins, other vegetable saps: $237.8 million (Down by -8.4%)
- Vegetable/fruit/nut preparations: $224.8 million (Down by -39.3%)
- Tobacco, manufactured substitutes: $176.2 million (Down by -19.4%)
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$60.8 billion trade deficit in 2023, reducing by -9.1% from -$67 billion in red ink one year earlier for 2022.
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$20.4 billion (Down by -16.9% since 2022)
- Vehicles: -$9.2 billion (Up by 17.8%)
- Machinery including computers: -$4.7 billion (Up by 3.5%)
- Cereals: -$4.04 billion (Down by -6.5%)
- Iron, steel: -$3.97 billion (Down by -21.5%)
- Plastics, plastic articles: -$3.1 billion (Down by -10.9%)
- Food industry waste, animal fodder: -$2.33 billion (Down by -13.8%)
- Pharmaceuticals: -$2.29 billion (Down by -12.8%)
- Articles of iron or steel: -$2.2 billion (Up by 0.1%)
- Meat: -$1.8 billion (Down by -18.3%)
The Philippines has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products notably refined petroleum oils followed by crude oil, coal then petroleum gas.
These cashflow deficiencies clearly indicate the Philippines’ competitive disadvantages in the international fossil fuel market, but also represent key opportunities for the Philippines to improve its position in the global economy through focused innovations particularly in alternative energy sources.
Major Filipino Export Companies
Ten Filipino corporations rank among Forbes Global 2000. Below is a sample of the major export companies headquartered in the Philippines that Forbes included.
- Aboitiz Equity Ventures (industrial conglomerates)
- Alliance Global Group (industrial conglomerates)
- Ayala (industrial conglomerates)
- PLDT (telecommunications services)
- San Miguel (industrial conglomerates)
According to global trade intelligence firm Zepol, the following companies are also examples of Filipino export companies.
- Acbel Polytech Philippines (electric static converters, primary batteries)
- Aruze G A Philippines Branch (machine tools, printers, copiers, operated games)
- Calfurn Mfg Philippines (bamboo/wood furniture, kitchenware, tableware)
- Pacific Paint Boysen Philippines (polymers, oils)
- Yuenthai Philippines (shirts, blouses)
Searchable List of the Philippines’ Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from the Philippines during 2023.
Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Philippines' Export Product | Latest (US$) | Change |
|---|---|---|---|
| 1 | Integrated circuits/microassemblies | $25,996,131,000 | -10.2% |
| 2 | Insulated wire/cable | $3,053,300,000 | +10% |
| 3 | Refined copper, unwrought alloys | $1,960,999,000 | +1.9% |
| 4 | Electrical converters/power units | $1,762,721,000 | -2.8% |
| 5 | Printing machinery | $1,574,216,000 | -23% |
| 6 | Solar power diodes/semi-conductors | $1,319,334,000 | -22.9% |
| 7 | Computers, optical readers | $1,286,981,000 | -44.7% |
| 8 | Bananas, plantains | $1,220,478,000 | +11.2% |
| 9 | Gold (unwrought) | $1,203,470,000 | +13.2% |
| 10 | Coconut/palm/babassu oil | $1,174,560,000 | -44.7% |
| 11 | Electrical capacitators | $1,143,992,000 | +28.9% |
| 12 | Phone devices including smartphones | $1,123,334,000 | -20.4% |
| 13 | Nickel ores, concentrates | $1,080,375,000 | -14.2% |
| 14 | Taps, valves, similar appliances | $983,519,000 | +733.8% |
| 15 | Unrecorded sound media | $977,745,000 | +124.9% |
| 16 | Computer parts, accessories | $904,834,000 | -27.3% |
| 17 | Oscilloscopes, spectrum analyzers | $816,885,000 | -2.9% |
| 18 | Cameras, flash apparatus | $810,316,000 | +0.1% |
| 19 | Lower-voltage switches, fuses | $774,891,000 | -5% |
| 20 | Copper ores, concentrates | $741,825,000 | +84.6% |
| 21 | Printed circuits | $634,229,000 | -20.1% |
| 22 | Coal, solid fuels made from coal | $614,449,000 | -30.4% |
| 23 | Cases, handbags, wallets | $561,772,000 | -20.5% |
| 24 | Radar, radio communication items | $514,201,000 | +35.3% |
| 25 | TV receivers/monitors/projectors | $505,125,000 | -26% |
| 26 | TV/radio/radar device parts | $490,740,000 | +56.3% |
| 27 | Nickel matte, oxide sinters | $485,236,000 | -25.4% |
| 28 | Cruise/cargo ships, barges | $462,224,000 | +20.3% |
| 29 | Aircraft parts | $415,476,000 | -1.7% |
| 30 | Dates/figs/pineapples/mangoes/avocadoes/guavas | $411,099,000 | +8.3% |
| 31 | Miscellaneous preserved fruits | $395,368,000 | -10.9% |
| 32 | Iron ores, concentrates | $360,402,000 | -01% |
| 33 | Fish, caviar (preserved/prepared) | $353,783,000 | -5.2% |
| 34 | Optical fiber cables, sheets, plates | $348,988,000 | +12.3% |
| 35 | Air or vacuum pumps | $317,601,000 | +13.1% |
| 36 | Electric motors, generators | $314,003,000 | -18.7% |
| 37 | Fruit and vegetable juices | $313,437,000 | -8.5% |
| 38 | Plastic tubes, pipes, fittings | $310,273,000 | +61.8% |
| 39 | Cigars/cigarellos, cigarettes | $300,235,000 | +27.6% |
| 40 | Rubber tires (new) | $282,883,000 | -5.3% |
| 41 | Vegetable saps, extracts | $281,390,000 | -12.2% |
| 42 | Orthopedic appliances | $271,534,000 | +77.1% |
| 43 | Electric water heaters, hair dryers | $263,615,000 | +61.5% |
| 44 | Electro-medical equip (e.g. xrays) | $258,509,000 | +9.4% |
| 45 | Coconuts, cashews | $250,168,000 | -32.8% |
| 46 | Magnets including electro-magnets | $238,343,000 | -16.7% |
| 47 | Copper waste, scrap | $208,085,000 | +14.8% |
| 48 | Unrefined copper | $202,518,000 | +532.9% |
| 49 | Speed/distance meters | $197,317,000 | -3.8% |
| 50 | Miscellaneous plastic items | $193,094,000 | -18.2% |
| 51 | Electric storage batteries | $186,778,000 | +0.1% |
| 52 | Wrist/pocket watches (no precious metal case) | $184,041,000 | -14.7% |
| 53 | Sawn wood | $175,133,000 | -22% |
| 54 | Crude oil | $169,109,000 | -47.7% |
| 55 | High-voltage switches, fuses | $155,010,000 | -4.7% |
| 56 | Microphones/headphones/amps | $152,304,000 | +22.5% |
| 57 | Other measuring/testing machines | $151,665,000 | +17.2% |
| 58 | Bridge or tower structures, parts | $147,391,000 | +101% |
| 59 | Bread, biscuits, cakes, pastries | $144,578,000 | +2% |
| 60 | Precious metal waste, scrap | $142,948,000 | +26.6% |
| 61 | Iron or steel scrap | $136,769,000 | +4.3% |
| 62 | Women's clothing (not knit or crochet) | $131,879,000 | +5.3% |
| 63 | Pipe/chewing/snuff tobaccos | $125,296,000 | +7.6% |
| 64 | Concrete/artificial stone items | $124,732,000 | +7.1% |
| 65 | Natural rubber | $124,705,000 | -29% |
| 66 | Transmission shafts, gears, clutches | $117,326,000 | -14% |
| 67 | Miscellaneous furniture | $114,788,000 | -30.7% |
| 68 | Miscellaneous office machines | $113,611,000 | -4.5% |
| 69 | Mixed sauces, seasonings | $113,252,000 | -15.4% |
| 70 | Miscellaneous engines, motors | $110,440,000 | +129.8% |
| 71 | Lamps, lighting, illuminated signs | $107,871,000 | -26.1% |
| 72 | Aluminum bars/rods | $107,262,000 | -3.2% |
| 73 | Carbon/natural mineral products | $104,871,000 | -32.3% |
| 74 | Locks, lock-keys | $102,688,000 | -6.6% |
| 75 | Unmanufactured tobacco, tobacco waste | $99,487,000 | -45.9% |
| 76 | Calculators, accounting/ticket machines, cash registers | $98,875,000 | -24.4% |
| 77 | Electrical lighting/signaling equpment, defrosters | $93,670,000 | -14.2% |
| 78 | Fibrous cellulosic pulps | $93,429,000 | -34.2% |
| 79 | Acyclic alcohols | $91,628,000 | -48.1% |
| 80 | Vulcanized rubber items | $89,878,000 | +4.5% |
| 81 | Telecommunication receivers | $88,775,000 | +6.9% |
| 82 | Seats (excluding barber/dentist chairs) | $87,920,000 | +15.1% |
| 83 | Leather clothing, accessories | $87,187,000 | -7.7% |
| 84 | Mattresses, quilts | $86,764,000 | +24.8% |
| 85 | Copper foil | $85,917,000 | -8% |
| 86 | Plastics waste, scrap | $85,348,000 | +10.1% |
| 87 | Electrical resistors | $85,221,000 | -1.2% |
| 88 | Live fish | $83,903,000 | -4.6% |
| 89 | Electric sound/visual signal bells or alarms | $83,499,000 | -28.7% |
| 90 | Plastic tableware, kitchenware, toiletry | $83,297,000 | -43% |
| 91 | Print/write/draw inks | $82,645,000 | +7.9% |
| 92 | Primary batteries/cells | $80,225,000 | +82% |
| 93 | Sulphides | $80,154,000 | +124.2% |
| 94 | Other food preparations | $79,393,000 | -18.6% |
| 95 | Miscellaneous iron or steel items | $78,060,000 | +161.8% |
| 96 | Air conditioners | $77,526,000 | -25.3% |
| 97 | Crustaceans, molluscs (preserved/prepared) | $77,411,000 | -1.6% |
| 98 | Regulate/control instruments | $74,970,000 | -8.3% |
| 99 | Acyclic hydrocarbons | $74,746,000 | +204.1% |
| 100 | Wood charcoal | $74,501,000 | -8.5% |
The showcased 100 exported goods were worth a subtotal of US$65.3 billion or 89.5% by value for all products exported from the Philippines during 2023.
The fastest growers among the 100 most valuable exports from the Philippines were: taps, valves and similar items (up 733.8% from 2022 to 2023), unrefined copper (up 532.9%), acyclic hydrocarbons (up 204.1%), miscellaneous items made from iron or steel (up 161.8%), miscellaneous engines and motors (up 129.8%), unrecorded sound media (up 124.9%) then sulphides (up 124.2%).
In macroeconomic terms, the Philippines’ total exported goods represent 5.7% of its overall Gross Domestic Product for 2023 ($1.28 trillion valued in Purchasing Power Parity US dollars). That 5.7% for exports to overall GDP per PPP in 2023 compares to 6.7% in 2022. 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 2023, down from an average 5.4% for 2022 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 June 21, 2024.
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 21, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on June 21, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 21, 2024
International Trade Centre, Trade Map. Accessed on June 21, 2024
Investopedia, Net Exports Definition. Accessed on June 21, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on June 21, 2024
Wikipedia, Gross domestic product. Accessed on June 21, 2024
Wikipedia, List of Companies of the Philippines. Accessed on June 21, 2024
Wikipedia, Philippines. Accessed on June 21, 2024
Wikipedia, Purchasing power parity. Accessed on June 21, 2024
Zepol’s company summary highlights by country. Accessed on June 21, 2024