The Philippines in Southeast Asia is a globally growing economy with a diverging range of imports and exports serving the growing trade rate of the nation accounting for a major share in the GDP of the country. The country home to over 100 million people has around 7000 islands in its land area with scenic views and picturesque landscapes with rolling Hills Mountains, plains, and plateaus contributing to the tourism rate accounting for the growing economy. The nation has been facing a higher rate of domestic necessities due to increasing consumer demands, infrastructure development, and industrial acquirements leading to a positive outgrowth of the import sector.

To fulfill the domestic demands of the nation the country has been importing different necessary commodities like agricultural goods, industrial commodities like machinery, and healthcare sector essentials like optical and surgical equipment which not only facilitates the growing economy but also stabilizes the export trade sector by boosting the production rate of top export commodities. The combination of the import and export trade share along with the substantial contribution of the tourism and finance sector have recorded a GDP value of 446 billion US dollars in 2023 with a significant import trade value of 150 billion US dollars.

Top 10 Import Partners of Philippines in 2023

As per the Philippines Import Data, the top trade destinations from where the country imports most of its domestic requirements are discussed below,

• China – According to the China Export Data, the valuation of imports in the Philippines from China in 2023 – 40 billion US dollars.

Top Imports of Philippines From China

1. Electronics and Electrical Machinery
2. Mechanical Appliances
3. Iron and Steel
4. Plastic Products
5. Textiles and Apparel

• Japan – According to the Japan Export Data, the valuation of imports in the Philippines from Japan in 2023 – 30 billion US dollars.

Top Imports of the Philippines From Japan

1. Automobiles and Vehicle Parts
2. Machinery and Equipment
3. Electrical Machinery
4. Iron and Steel Products
5. Chemicals

• United States – According to the USA Export Data, the valuation of imports in the Philippines from the United States in 2023 – 25 billion US dollars.

Top Imports of the Philippines From the United States

1. Mechanical Appliances
2. Electronic Equipment
3. Agricultural Products
4. Aircraft Parts
5. Pharmaceuticals

• South Korea – According to the South Korea Export Data, the valuation of imports in the Philippines from South Korea in 2023 – 20 billion US dollars.

Top Imports of the Philippines From South Korea

1. Petroleum Products
2. Electronic Equipment
3. Plastics and Plastic Products
4. Automotive Parts
5. Steel and Metal Products

• Thailand – According to the Thailand Export Data, the valuation of imports in the Philippines from Thailand in 2023 – 18 billion US dollars.

Top Imports of the Philippines From Thailand

1. Motor Vehicles
2. Rice
3. Plastic Products
4. Chemicals
5. Food and Beverages

• Singapore – According to the Singapore Export Data, the valuation of imports in the Philippines from Singapore in 2023 – 15 billion US dollars.

Top Imports of Philippines From Singapore

1. Petroleum
2. Electronic Integrated Circuits
3. Pharmaceuticals
4. Machinery and Equipment
5. Organic Chemicals

• Malaysia – According to the Malaysia Export Data, the valuation of imports in the Philippines from Malaysia in 2023 – 12 billion US dollars.

Top Imports of the Philippines From Malaysia

1. Petroleum and Petroleum Products
2. Palm Oil
3. Electronic Products
4. Chemical Products
5. Mechanical Appliances

• Indonesia – According to the Indonesia Export Data, the valuation of imports in the Philippines from Indonesia in 2023 – 10 billion US dollars.

Top Imports of the Philippines From Indonesia

1. Coal
2. Palm Oil
3. Mineral Fuels and Oils
4. Copper
5. Paper and Pulp Products

• Vietnam – According to the Vietnam Export Data, the valuation of imports in the Philippines from Vietnam in 2023 – 8 billion US dollars.

Top Imports of Philippines From Vietnam

1. Electronic Components
2. Rice
3. Textiles and Apparel
4. Fisheries Products
5. Machinery and Equipment

• Taiwan – According to the Taiwan Export Data, the valuation of imports in the Philippines from Taiwan in 2023 – 7 billion US dollars.

Top Imports of Philippines From Taiwan

1. Semiconductors
2. Machinery and Mechanical Appliances
3. Plastics and Plastic Products
4. Optical and Photographic Equipment
5. Iron and Steel Products

Top Importing Companies of the Philippines in 2023

According to the Philippines Trade Data, the top 10 importing companies of the Philippines in 2023 with their import trade values are discussed below,

1. Philip Morris Fortune Tobacco Corp
- Import Market Value – 5 billion US dollars
- Import Sector - Tobacco

2. San Miguel Corporation
- Import Market Value – 4 billion US dollars
- Import Sector – Foods and Beverages

3. Procter & Gamble Philippines
- Import Market Value – 3 billion US dollars
- Import Sector – Household Cleaning Products

4. Nestle Philippines Inc.
- Import Market Value – 2.8 billion US dollars
- Import Sector – Dairy products

5. Unilever Philippines
- Import Market Value – 2 billion US dollars
- Import Sector – Tea like (Lipton, Knorr, and Dove)

6. Rustan Marketing Corporation
- Import Market Value – 1.5 billion US dollars
- Import Sector – Cosmetic and Skincare essentials

7. Jollibee Foods Corporation
- Import Market Value – 1 billion US dollars
- Import Sector – Food Products

8. Coca-Cola Bottlers Philippines Inc.
- Import Market Value – 900 million US dollars
- Import Sector - Coke

9. Metro Retail Stores Group Inc.
- Import Market Value – 800 million US dollars
- Import Sector - Machinery

10. Chevron Philippines Inc.
- Import Market Value – 700 million US dollars
- Import Sector – Petroleum fuels and other essential oils

Import Trade Statistics of the Philippines for the Last 10 Years

Import Trade Value of Philippines in 2013 – 67.5 Billion Us Dollars
Import Trade Value of Philippines in 2014 – 79.4 Billion Us Dollar
Import Trade Value of Philippines in 2015 – 82 Billion Us Dollars
Import Trade Value of Philippines in 2016 – 81 Billion Us Dollars
Import Trade Value of Philippines in 2017 – 85.7 Billion Us Dollars
Import Trade Value of Philippines in 2018 – 88 Billion Us Dollars
Import Trade Value of Philippines in 2019 – 90 Billion Us Dollars
Import Trade Value of Philippines in 2020 - 94 Billion Us Dollars
Import Trade Value of Philippines in 2021 – 100 Billion Us Dollars
Import Trade Value of Philippines in 2022 - 105 Billion Us Dollars

FAQ’s

Que. What is the import trade value of the Philippines in 2023?
Ans. The total import trade value of the Philippines in 2023 is 150 billion US dollars.

Que. Who is the top import trade partner of the Philippines in 2023?
Ans. China is the top import trade partner of the Philippines in 2023.

Que. Where can you get the detailed trade analysis of Philippines imports in 2023?
Ans. At Import Globals, you can get a detailed trade analysis of Philippines imports in 2023.

www.importglobals.com ; info@importglobals.com