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Philippines import Statistics

Philippines Import Data

In today's globalized world, transnational trade plays a vital part in a nation's profitable growth. The Philippines is a major player in transnational trade, with a long history of transnational marketable exertion. As a member of the Association of Southeast Asian Nations (ASEAN), the Philippines is a major contributor to the region's trade and investment.

According to the Philippines import data, Philippines imports accounted for $133.75 billion in 2023 with a decline of 8% from the previous year. The biggest imports of the Philippines in 2023 are electrical machinery and equipment ($27.14 billion), as per Philippines customs data. The top import partner of the Philippines in 2023 is China ($30.93 billion), as per Philippines shipment data. The total GDP of the Philippines is $437.15 billion. Philippines imports have a total GDP share of 37.73%. The Philippines is a part of several trading blocs such as APEC, RCEP, ASEAN, and WTO. Let’s dive into the Philippines import data and give a comprehensive overview of the import trends in the Philippines for the year 2023.

Philippines Import Data | Philippines Customs Imports Statistics

35

The country has been ranked 35th in global imports, showing a significant position in the international trade landscape.

0.6%

With a mere 0.6% share in global import trade, it becomes evident that its presence in the international import market is fairly on the rise.

CHINA

China holds a significant role as the largest import partner of the country in terms of goods imports.

ELECTRONIC MACHINERY AND EQUIPMENT

Electronic machinery and equipment are the major and biggest import commodities of the country, playing a vital role in its economy.

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import

Philippines's Top 10 Imports in 2023

The Philippines, known for its vibrant economy, has a list of top 10 Philippines import products that contribute to its growth and development. Leading the pack are electronic products, which make up a significant portion of the country's imports. The top 10 imports of the Philippines or the top Philippines import products in 2023 as per Philippines customs data and Philippines shipment data are:

  • Electrical machinery and equipment (HS code 85): 20.29% ($27.14 billion)
  • Mineral fuels and mineral oils (HS code 27): 15.85% ($21.20 billion)
  • Nuclear reactors and machinery (HS code 84): 8.28% ($11.07 billion)
  • Vehicles (HS code 87): 7.6% ($10.16 billion)
  • Iron and steel (HS code 72): 3.1% ($4.15 billion)
  • Plastics and articles thereof (HS code 39): 3.1% ($4.14 billion)
  • Cereals (HS code 10): 3.02% ($4.04 billion)
  • Ores, slag, and ash (HS code 26): 2.99% ($3.99 billion)
  • Optical, medical, or surgical instruments (HS code 90): 2.19% ($2.92 billion)
  • Articles of iron or steel (HS code 73): 1.89% ($2.52 billion)
    • Partners

    Top 10 import partners of the Philippines in 2023

    With a professional approach, the Philippines has established strong import partnerships with various countries. These import partners have played a crucial role in meeting the country's demands and driving its economic progress. The top 10 importing partners of the Philippines for 2023 are:

    Value In Percentage(%)

  • China: 23.1% (30.93 billion US$) 
  • Indonesia: 9.2% (12.28 billion US$) 
  • Japan: 8.2% (10.92 billion US$) 
  • USA: 6.8% (9.11 billion US$) 
  • South Korea: 6.6% (8.87 billion US$) 
  • Thailand: 6.1% (8.18 billion US$) 
  • Singapore: 5.5% (7.38 billion US$) 
  • Malaysia: 4.7% (6.23 billion US$) 
  • Vietnam: 3.7% (4.97 billion US$) 
  • Taiwan: 3.7% (4.93 billion US$)
    • Sample Data

    Significance of the Philippines Import Data

    We obtain trustworthy data from organizations, shipping businesses, and customs ports. This Trade Data contains a wide range of fields, such as HS codes, product descriptions, prices, quantities, origin country, destination country, and port names together with currency values. For traders and marketers, this trade data is crucial information that helps them to make informed decisions. From the HS codes and product descriptions to the quantity and cost of each product, everything can be obtained through this trade data. We have included a sample of this trade data for your convenience and greater understanding so that you can see what the trade data looks like as a whole, with complete details.

    Analyzing import data allows businesses to form informed opinions regarding their sourcing strategies, pricing, and target requests. According to the customs database for the imports of the Philippines, with a value of $27.14 billion, electronic machinery and equipment were the top imported goods into the Philippines in 2023. The import data provides precious perceptivity into the demand for specific products, provides shipment details such as HS code, importer name, and more, identifies rising trends, and helps in assessing the competitiveness of domestic diligence. Also, policymakers use import data to assess the impact of trade programs and apply measures to foster profitable growth. The Philippines, known for its vibrant frugality and strategic position in Southeast Asia, imports a different range of products.  So, as you can see, we obtain trustworthy data from organizations, shipping businesses, and customs ports. The trade data contains a wide range of fields, such as HS codes, product descriptions, prices, quantities, origin country, importers/exporters names and addresses, destination country, and port names together with currency values. For traders and marketers, this trade data is crucial information that helps them make informed decisions. From the HS codes and product descriptions to the quantity and cost of each product, everything can be obtained through this trade data. We have included a sample of the trade data for your convenience and greater understanding so that you can see what the trade data looks like as a whole, with complete details.

    Philippines Import Data
    ID 597793 EYEAR 2024
    DATE 2024-11-24 ENTRYNO 427111
    TYPEDECLARATION 4 MODELDECLARATION 4
    MANIFEST HMM0040-24 BL SGH240023885
    VESSEL HYUNDAI INTEGRAL V. 0141S CONSIGNEETIN 000146306000
    IMPORTER STORES SPECIALISTS INC. EXPORTER ZEBRA AS
    BROKERTIN 464584397000 BROKER ROCHELLE QUILINGAN ALGORDO
    HS CODE 01012100000 PRODUCT DESCRIPTION 3032712 TULLE SKIRT ONESIZE 3-6 YEARS FLYING TIGER COPENHAGEN
    QUANTITY 80 SUPP UNITS Piece
    NETMASSKGS 6.5 GROSSMASSKGS 6.75
    FOB VALUE IN FOREIGN CURRENCY 92.09 CURRENCY USD
    FREIGHT 2.18 INSURANCE 1.84
    US CIF 98.87 CIF VALUE In USD 98.87
    CIF VALUE IN PHP 5831.06 EXCHANGE RATE 58.977
    TERMSOFDELIVERY EXW COUNTRYEXPORT CHINA
    ORIGIN COUNTRY CHINA CountryImport PHILIPPINES
    UNLOADING PORT Manila Int'l Container Port
    Benefits

    Benefits of the Philippines Import Data

  • Trade Analysis of import data helps in assessing the trade balance of the country.
  • The data can be used to gauge the overall economic health of the Philippines. 
  • Businesses can use import data to identify market trends and opportunities. 
  • Import data allows businesses to optimize their supply chains for the Philippines.
  • It can be used to assess risks related to supply chain disruptions, such as overreliance on critical imports.

    • Frequently Asked Questions!!

    The total value of imported goods in the Philippines was $133.75 billion in 2023.

    Electrical machinery and equipment ($29.14 billion), mineral fuels and oils ($21.20 billion), and nuclear reactors and machinery ($11.07 billion) were the top 3 imports of the Philippines in 2023.

    China ($30.93 billion), Indonesia ($12.28 billion), and Japan ($10.92 billion) were the top 3 import partners for the Philippines in 2023.

    In February 2024, China accounted for 22.8% of the country's total imports, or $2.18 billion, making it the largest supplier of products in the country.

    Electrical machinery and equipment is the most imported product in the Philippines in 2023 with a total value of $29.14 billion.

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