That dollar amount reflects a 17% increase compared to $67.5 billion for 2018.
Year over year, the total value of goods exported from the Philippines rose 5.8% from $74.6 billion during 2021.
Based on the average exchange rate for 2022, the Philippine peso depreciated by -3.4% against the US dollar since 2018 and fell by -10.6% from 2021 to 2022. Weaker local currency in the Philippines makes exports paid for in stronger US dollars relatively less expensive for international buyers in 2022.
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 87.8% of products exported from the Philippines were bought by importers in: United States of America (15.8% of the global total), Japan (14.1%), mainland China (13.9%), Hong Kong (13.3%), Singapore (6.2%), Thailand (4.3%), South Korea (4%), Taiwan (3.8%), Netherlands (3.7%), Germany (3.5%), Malaysia (3.1%) and Vietnam (2.2%).
From a continental perspective, 68% of Philippines’ exports by value was delivered to fellow Asian countries while 17.7% was sold to importers in North America. Philippines shipped another 12.5% worth of goods to Europe.
Tinier percentages went to 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 111.6 million people, its total $78.9 billion in 2022 exported products translates to roughly $700 for every resident in the densely populated island nation in Southeast Asian. That dollar amount exceeds the average $675 for 2021.
Philippines Top 10 Exports
The following export product groups categorize the highest dollar value in Filipino global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from the Philippines.
- Electrical machinery, equipment: US$43.6 billion (55.2% of total exports)
- Machinery including computers: $7.3 billion (9.2%)
- Optical, technical, medical apparatus: $2.4 billion (3.1%)
- Copper: $2.3 billion (2.9%)
- Animal/vegetable fats, oils, waxes: $2.2 billion (2.8%)
- Ores, slag, ash: $2 billion (2.6%)
- Fruits, nuts: $1.9 billion (2.4%)
- Gems, precious metals: $1.3 billion (1.7%)
- Mineral fuels including oil: $1.2 billion (1.6%)
- Plastics, plastic articles: $1.1 billion (1.4%)
Philippines top 10 exports accounted for over four-fifths (82.8%) of the overall value of its global shipments.
Animal or vegetable fats, oils and waxes represent the fastest grower among the top 10 export categories, up by 47.3% from 2021 to 2022.
In second place for improving export sales was mineral fuels including oil, via a 40.4% advance led by coal and crude petroleum oil.
The Philippines’ shipments of gems and precious metals posted the third-fastest gain in value up by 16.4%. That product category was bolstered by higher international sales of gold and precious metal scrap exported by the Philippines.
The leading decliner among the Philippines’ top 10 export categories was machinery including computers, dragged down by a -23.1% 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 Searchable List of 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$11 billion (Up by 57.9% since 2021)
- Fruits, nuts: $1.4 billion (Up by 17.1%)
- Copper: $1.2 billion (Down by -17.6%)
- Gems, precious metals: $1 billion (Up by 20.9%)
- Nickel: $610.7 million (Up by 29.9%)
- Leather/animal gut articles: $485.5 million (Down by -1.1%)
- Vegetable/fruit/nut preparations: $370.6 million (Down by -33.8%)
- Meat/seafood preparations: $307.2 million (Down by -25.9%)
- Gums, resins, other vegetable saps: $259.7 million (Up by 59.7%)
- Tobacco, manufactured substitutes: $218.6 million (Up by 14.6%)
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 -$67 billion trade deficit in 2022, growing by 34.5% from -$49.8 billion in red ink one year earlier for 2021.
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$24.5 billion (Up by 68% since 2021)
- Vehicles: -$7.8 billion (Up by 34.2%)
- Iron, steel: -$5.1 billion (Up by 7.8%)
- Machinery including computers: -$4.6 billion (Up by 97.6%)
- Cereals: -$4.3 billion (Up by 25.4%)
- Plastics, plastic articles: -$3.5 billion (Up by 10.2%)
- Food industry waste, animal fodder: -$2.7 billion (Up by 37.4%)
- Pharmaceuticals: -$2.6 billion (Down by -27.7%)
- Meat: -$2.2 billion (Up by 21.4%)
- Articles of iron or steel: -$2.2 billion (Up by 11.1%)
The Philippines has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products notably refined petroleum oils followed by coal, crude oil then petroleum gas.
These cashflow deficiencies clearly indicate the Philippines’ competitive disadvantages in the international fossil fuel market, but also represent key opportunities for the Philippines to improve its position in the global economy through focused innovations particularly in alternative energy sources.
Major Filipino Export Companies
Ten Filipino corporations rank among Forbes Global 2000. Below is a sample of the major export companies headquartered in the Philippines that Forbes included.
- Aboitiz Equity Ventures (industrial conglomerates)
- Alliance Global Group (industrial conglomerates)
- Ayala (industrial conglomerates)
- PLDT (telecommunications services)
- San Miguel (industrial conglomerates)
According to global trade intelligence firm Zepol, the following companies are also examples of Filipino export companies.
- Acbel Polytech Philippines (electric static converters, primary batteries)
- Aruze G A Philippines Branch (machine tools, printers, copiers, operated games)
- Calfurn Mfg Philippines (bamboo/wood furniture, kitchenware, tableware)
- Pacific Paint Boysen Philippines (polymers, oils)
- Yuenthai Philippines (shirts, blouses)
Searchable List of Philippines’ Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from the Philippines during 2022.
Shown beside each product label is its total export value then the percentage increase or decrease since 2021.
| Rank | Philippines' Export Product | 2021 Value (US$) | Change |
|---|---|---|---|
| 1 | Integrated circuits/microassemblies | $24,074,216,000 | +19.1% |
| 2 | Computers, optical readers | $3,740,066,000 | +12% |
| 3 | Insulated wire/cable | $2,691,627,000 | +26.7% |
| 4 | Printing machinery | $2,541,128,000 | +37.1% |
| 5 | Refined copper, unwrought alloys | $2,232,262,000 | +43.6% |
| 6 | Electrical converters/power units | $1,816,248,000 | +2.7% |
| 7 | Solar power diodes/semi-conductors | $1,682,775,000 | +9.8% |
| 8 | Nickel ores, concentrates | $1,455,949,000 | +37.8% |
| 9 | Coconut/palm/babassu oil | $1,380,593,000 | +78% |
| 10 | Computer parts, accessories | $1,320,440,000 | -42.7% |
| 11 | Electrical capacitators | $1,277,152,000 | +45.1% |
| 12 | Phone devices including smartphones | $1,138,423,000 | +146.6% |
| 13 | Bananas, plantains | $1,127,537,000 | -29.9% |
| 14 | Automobile parts/accessories | $1,016,588,000 | +21% |
| 15 | Gold (unwrought) | $954,698,000 | -24.6% |
| 16 | Lower-voltage switches, fuses | $884,132,000 | +17.8% |
| 17 | TV receivers/monitors/projectors | $835,033,000 | +49.5% |
| 18 | Oscilloscopes, spectrum analyzers | $719,994,000 | +16.4% |
| 19 | Printed circuits | $682,781,000 | +20.9% |
| 20 | Cases, handbags, wallets | $647,167,000 | +54.6% |
| 21 | Cruise/cargo ships, barges | $600,632,000 | +9.1% |
| 22 | Coal, solid fuels made from coal | $596,372,000 | +158.1% |
| 23 | Miscellaneous preserved fruits | $531,110,000 | +23.7% |
| 24 | Nickel matte, oxide sinters | $499,242,000 | +24.2% |
| 25 | Radar, radio communication items | $406,580,000 | -10.8% |
| 26 | Coconuts, cashews | $400,048,000 | +55.5% |
| 27 | Fish, caviar (preserved/prepared) | $373,148,000 | +0.6% |
| 28 | Aircraft parts | $349,053,000 | -14.2% |
| 29 | Dates/figs/pineapples/mangoes/avocadoes/guavas | $345,800,000 | -7.8% |
| 30 | Electric motors, generators | $334,355,000 | +5.5% |
| 31 | Fruit and vegetable juices | $332,329,000 | +20.5% |
| 32 | Copper ores, concentrates | $299,440,000 | +87% |
| 33 | Spray/dispersing mechanical appliances | $286,880,000 | +157.9% |
| 34 | Magnets including electro-magnets | $272,630,000 | +59% |
| 35 | Electrical/optical circuit boards, panels | $267,910,000 | +11.9% |
| 36 | Rubber tires (new) | $266,203,000 | +25.8% |
| 37 | Cigars/cigarellos, cigarettes | $258,847,000 | -5.1% |
| 38 | Air or vacuum pumps | $252,012,000 | +24.8% |
| 39 | Electro-medical equip (e.g. xrays) | $239,082,000 | +13.7% |
| 40 | Sawn wood | $235,585,000 | +35% |
| 41 | Optical fiber cables, sheets, plates | $235,545,000 | -14.9% |
| 42 | Miscellaneous plastic items | $234,827,000 | +55.3% |
| 43 | Plastic tubes, pipes, fittings | $223,790,000 | +65.2% |
| 44 | Crude oil | $216,318,000 | -2.3% |
| 45 | Acyclic alcohols | $212,991,000 | +29.3% |
| 46 | Iron ores, concentrates | $210,830,000 | -57.9% |
| 47 | Vegetable saps, extracts | $207,748,000 | +27.8% |
| 48 | Orthopedic appliances | $200,331,000 | +61.4% |
| 49 | Miscellaneous furniture | $196,838,000 | +23.5% |
| 50 | Plastic tableware, kitchenware, toiletry | $178,209,000 | +23.5% |
| 51 | Wrist/pocket watches (no precious metal case) | $176,544,000 | +22.2% |
| 52 | Unmanufactured tobacco, tobacco waste | $175,537,000 | +21.7% |
| 53 | Electric storage batteries | $172,427,000 | -8.3% |
| 54 | Lamps, lighting, illuminated signs | $171,584,000 | +49.2% |
| 55 | High-voltage switches, fuses | $171,350,000 | +14.9% |
| 56 | Wood carpentry, builders' joinery | $164,173,000 | +16.8% |
| 57 | Natural rubber | $161,591,000 | +66.2% |
| 58 | Fibrous cellulosic pulps | $156,919,000 | +17.6% |
| 59 | Crustaceans, molluscs (preserved/prepared) | $152,366,000 | +151.3% |
| 60 | Iron or steel scrap | $147,044,000 | +41.5% |
| 61 | Carbon/natural mineral products | $144,262,000 | +19.3% |
| 62 | Taps, valves, similar appliances | $142,831,000 | -67.9% |
| 63 | Iron and steel screws, bolts, nuts, washers | $142,690,000 | +33.4% |
| 64 | Miscellaneous office machines | $141,135,000 | +28.5% |
| 65 | Electric motor parts | $135,827,000 | +2.7% |
| 66 | Aluminum bars/rods | $133,934,000 | +46.1% |
| 67 | Speed/distance meters | $133,631,000 | +80.9% |
| 68 | Copper waste, scrap | $133,366,000 | +156.5% |
| 69 | Transmission shafts, gears, clutches | $132,313,000 | +73.1% |
| 70 | Other measuring/testing machines | $132,308,000 | +30.7% |
| 71 | Mixed sauces, seasonings | $127,506,000 | +32.5% |
| 72 | Microphones/headphones/amps | $127,462,000 | +16.6% |
| 73 | Ethylene polymers | $124,989,000 | +75.6% |
| 74 | TV/radio/radar device parts | $124,386,000 | -8.6% |
| 75 | Print/write/draw inks | $121,709,000 | +27.8% |
| 76 | Bread, biscuits, cakes, pastries | $120,206,000 | -3.9% |
| 77 | Locks, lock-keys | $112,903,000 | -0.7% |
| 78 | Plastic builders' items | $108,656,000 | -6.4% |
| 79 | Concrete/artificial stone items | $108,335,000 | +56.5% |
| 80 | Centrifuges, filters and purifiers | $108,075,000 | +60.2% |
| 81 | Electric sound/visual signal bells or alarms | $107,634,000 | +40.3% |
| 82 | Vulcanized rubber items | $107,166,000 | +36.8% |
| 83 | Industrial fatty acids and alcohols | $106,155,000 | +67.3% |
| 84 | Electrical lighting/signaling equpment, defrosters | $102,345,000 | +6.5% |
| 85 | Mattresses, quilts | $102,126,000 | -6.4% |
| 86 | Live fish | $101,920,000 | +152.2% |
| 87 | Liquid crystal/laser/optical tools | $100,367,000 | +69.3% |
| 88 | Copper foil | $96,708,000 | +20.7% |
| 89 | Air conditioners | $95,450,000 | +21.8% |
| 90 | Calculators, accounting/ticket machines, cash registers | $95,318,000 | +5.9% |
| 91 | Electrical resistors | $93,291,000 | +31.3% |
| 92 | Laminated wood (including plywood, veneer panels) | $91,430,000 | +2.4% |
| 93 | Electric ignition/start equipment | $91,415,000 | +148.1% |
| 94 | Plastic packing goods, lids, caps | $90,074,000 | +16.4% |
| 95 | Women's clothing (not knit or crochet) | $89,189,000 | +24.6% |
| 96 | Amine-function compounds | $89,012,000 | +332.3% |
| 97 | Women's clothing (knit or crochet) | $86,734,000 | +62.4% |
| 98 | Miscellaneous iron and steel structures | $86,637,000 | -17.2% |
| 99 | Seats (excluding barber/dentist chairs) | $86,337,000 | +38.9% |
| 100 | Cameras, flash apparatus | $85,652,000 | +63.6% |
The showcased 100 exported goods were worth a subtotal of US$70.8 billion or 89.7% by value for all products exported from the Philippines during 2022.
The fastest growers among the 100 most valuable exports from the Philippines were: unrecorded sound media (up 1,982% from 2021 to 2022), electric water heaters and hair dryers (up 162.8%), parts for television, radio and radar devices (up 152.5%), pipe, chewing or snuff tobacco (up 151%), precious metal waste or scrap (up 100.8%), then iron ores and concentrates (up 72.9%).
In macroeconomic terms, the Philippines’ total exported goods represent 6.7% of its overall Gross Domestic Product for 2022 ($1.171 trillion valued in Purchasing Power Parity US dollars). That 6.7% for exports to overall GDP per PPP in 2022 compares to 7.4% in 2021. 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 5.4% for 2022, down from an average 7.783% for 2021 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 May 20, 2023.
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 20, 2023
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 20, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 20, 2023
International Trade Centre, Trade Map. Accessed on May 20, 2023
Investopedia, Net Exports Definition. Accessed on May 20, 2023
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on May 20, 2023
Wikipedia, Gross domestic product. Accessed on May 20, 2023
Wikipedia, List of Companies of the Philippines. Accessed on May 20, 2023
Wikipedia, Philippines. Accessed on May 20, 2023
Wikipedia, Purchasing power parity. Accessed on May 20, 2023
Zepol’s company summary highlights by country. Accessed on May 20, 2023
