That dollar amount of Filipino spending reflects an 18.5% increase from $112.9 billion in 2019, but an -8.3% year-over-year slip from $145.9 billion starting in 2022.
Based on the average exchange rate for 2023, the Philippine peso depreciated by -7.4% against the US dollar since 2019 and diluted by -2.1% from 2022 to 2023. 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 82.4% of products imported by the Philippines was supplied by exporters in: mainland China (23.1% of the Asian country’s total), Indonesia (9.2%), Japan (8.2%), United States of America (6.8%), South Korea (6.6%), Thailand (6.1%), Singapore (5.5%), Malaysia (4.7%), Vietnam (3.72%), Taiwan (3.69%), Australia (3%) and Saudi Arabia (1.8%).
Applying a continental lens, trade partners also located in Asia supplied 79.2% of imports delivered to the Philippines while 7.9% worth of goods originated from North America. Another 7.4% was sold by suppliers in Europe.
Tinier percentages came from Oceania (3.6%) led by Australia, New Zealand and Papua New Guinea, Latin America (1.7%) excluding Mexico but including the Caribbean, then Africa (0.3%).
Given the Philippine population of 112.9 million people, its total $133.8 billion in 2023 imports translates to $1,200 in yearly product demand from every person in the Southeast Asian nation. That dollar amount lags the average $1,300 one year earlier in 2022.
Philippines Top 10 Imports
The following product groups represent the highest dollar value worth of import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into the Philippines.
- Electrical machinery, equipment: US$27.1 billion (20.3% of total imports)
- Mineral fuels including oil: $21.2 billion (15.9%)
- Machinery including computers: $11.1 billion (8.3%)
- Vehicles: $10.2 billion (7.6%)
- Iron, steel: $4.2 billion (3.1%)
- Plastics, plastic articles: $4.1 billion (3.1%)
- Cereals: $4.05 billion (3%)
- Ores, slag, ash: $4 billion (3%)
- Optical, technical, medical apparatus: $2.9 billion (2.2%)
- Articles of iron or steel: $2.5 billion (1.9%)
The Philippines’ top 10 imports accounted for over two-thirds (68.3%) of the overall value of its product purchased from other countries.
Imported ores, slag and ash posted the greatest increase in value among the top 10 import categories, up 106.9% from 2022 to 2023. Imports of copper ores and concentrates were strong drivers for that percentage growth.
The other gain among the Philippines’ top import categories was the 15.7% advance for imported vehicles.
The severest decliners among the leading Filipino import categories were imports of the metals iron and steel (down -20.6%), mineral fuels including oil (down -17.7%) then imported electrical machinery and equipment (down -16.6%).
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 (10% of Filipino imports spending), processed petroleum oils (8.4%), cars (3.7%), crude oil (3.1%), coal including solid fuels made from coal (3%), copper ores and concentrates (2.4%), trucks (1.6%), phone devices including smartphones (1.5%), wheat (also 1.5%), then solar power diodes and semi-conductors (1.3%).
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$13.4 billion (down -22.5% from 2022)
- Phone devices including smartphones: $2.1 billion (down -18.2%)
- Solar power diodes/semi-conductors: $1.8 billion (down -15.4%)
- Insulated wire/cable: $1.3 billion (down -13%)
- Printed circuits: $1.1 billion (down -21.5%)
- Lower-voltage switches, fuses: $914.8 million (up 1.9%)
- Electrical converters/power units: $830 million (up 1.5%)
- Magnets including electro-magnets: $499 million (down -23.1%)
- Electrical/optical circuit boards, panels: $474.7 million (up 14.4%)
- TV/radio/radar device parts: $384.6 million (up 11.1%)
Among these import subcategories, Philippine purchases of electrical or optical circuit boards and panels (up 14.4%), television, radio and radar device parts (up 11.1%), then lower-voltage switches and fuses (up 1.9%) grew at the fastest pace from 2022 to 2023.
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$11.2 billion (down -22.1% from 2022)
- Crude oil: $4.2 billion (up 10.1%)
- Coal, solid fuels made from coal: $4.1 billion (down -32.5%)
- Petroleum gases: $1.6 billion (up 17.8%)
- Petroleum oil residues: $75.3 million (up 31.7%)
- Natural bitumen, asphalt, shale: $53.8 million (down -30.8%)
- Coke, semi-coke: $37.1 million (down -7.5%)
- Coal tar oils (high temperature distillation): $14.1 million (down -52.7%)
- Petroleum jelly, mineral waxes: $8.3 million (down -3.5%)
- Asphalt/petroleum bitumen mixes: $904,000 (up 56.7%)
Among these import subcategories, Philippine purchases of asphalt or petroleum bitumen mixes (up 56.7%), petroleum oil residues (up 31.7%) then petroleum gases (up 17.8%) grew at the fastest pace from 2022 to 2023.
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$1.7 billion (down -21.6% from 2022)
- Computers, optical readers: $949.2 million (down -26.1%)
- Turbo-jets: $628.7 million (up 199.4%)
- Air conditioners: $530.9 million (up 16%)
- Heavy machinery (bulldozers, excavators, road rollers): $519.1 million (down -6.5%)
- Printing machinery: $502.6 million (down -7.1%)
- Refrigerators, freezers: $451.8 million (down -0.05%)
- Miscellaneous machinery: $432 million (down -23.9%)
- Air or vacuum pumps: $333.7 million (down -5.6%)
- Machinery for making semi-conductors: $323.7 million (down -47.5%)
Among these import subcategories, Philippine purchases of turbo-jets (up 199.4%) and air conditioners (up 16%) grew from 2022 to 2023.
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$4.9 billion (up 37% from 2022)
- Trucks: $2.2 billion (up 15.7%)
- Motorcycles: $1.7 billion (down -9.6%)
- Public-transport vehicles: $397.9 million (up 35%)
- Automobile parts/accessories: $371.6 million (down -25.6%)
- Motorcycle parts/accessories: $185.7 million (down -16%)
- Tractors: $132.5 million (up 17.5%)
- Special purpose vehicles: $82.6 million (up 6.3%)
- Chassis fitted with engine: $57.3 million (up 30.1%)
- Armored vehicles, tanks: $51.4 million (down -43.1%)
Among these import subcategories, Philippine purchases of cars: (up 37%), public-transport vehicles (up 35%) then chassis fitted with engine (up 30.1%) grew at the fastest pace from 2022 to 2023.
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 July 14, 2024.
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on July 14, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on July 14, 2024
Investopedia, Net Exports Definition. Accessed on July 14, 2024
Trade Map, International Trade Centre. Accessed on July 14, 2024
Wikipedia, List of Companies of the Philippines. Accessed on July 14, 2024
Wikipedia, Philippines. Accessed on July 14, 2024