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The United States and the Philippines have had a very close trade relationship for more than a hundred years. We meet regularly with the Philippines under the auspices of a Trade and Investment Framework Agreement (TIFA) signed in November 1989. Several additional agreements have been signed under TIFA auspices, including a customs administration and trade facilitation protocol (2010), a memorandum of understanding to cooperate on stopping illegal transshipments of textiles and apparel (2006), and a memorandum of understanding regarding the implementation of minimum access commitments by the Philippines (1998).
U.S.-Philippines Trade Facts
The United States is among the Philippines’ top trading partners, and it traditionally has been the Philippines' largest foreign investor. U.S. goods and services trade with the Philippines totaled $24 billion in 2012 (latest data available). Exports totaled $10.6 billion; Imports totaled $13.3 billion. The U.S. goods and services trade deficit with the Philippines was $862 million in 2013.
The Philippines is currently our 37th largest goods trading partner with $17.7 billion in total (two ways) goods trade during 2013. Goods exports totaled $8.4 billion; Goods imports totaled $9.3 billion. The U.S. goods trade deficit with the Philippines was $862 million in 2013.
Trade in services with the Philippines (exports and imports) totaled $6.2 billion in 2012 (latest data available). Services exports were $2.5 billion; Services imports were $3.7 billion. The U.S. services trade deficit with the Philippines was $1.2 billion in 2012.
The Philippines was the United States’ 34th largest goods export market in 2013.
U.S. goods exports to the Philippines in 2013 were $8.4 billion, up 4.2% ($341 million) from 2012, and up 5.2% from 2003.
The top export categories (2-digit HS) in 2013 were: Electrical Machinery ($2.6 billion), Machinery ($832 million), Cereals (wheat) ($640 million), Aircraft ($610 million), and Miscellaneous Grain, Seed, Fruit (flour and meals of soybeans) ($458 million).
U.S. exports of agricultural products to the Philippines totaled $2.5 billion in 2013, the 9th largest U.S. Ag export market. Leading categories include: wheat ($624 million), soybean meal ($606 million), dairy products ($364 million), and pork and pork products ($112 million).
U.S. exports of private commercial services* (i.e., excluding military and government) to the Philippines were $2.5 billion in 2012 (latest data available), 16.4% ($345 million) more than 2011 and 63% greater than 2002 levels. The other private services (business, professional, and technical services) and travel categories accounted for most of U.S. exports in 2012.
The Philippines was the United States’ 36th largest supplier of goods imports in 2013.
U.S. goods imports from the Philippines totaled $9.3 billion in 2013, a 3.3% decrease ($316 million) from 2012, and down 8% from 2003.
The five largest import categories in 2013 were: Electrical Machinery ($3.4 billion), Machinery ($1.6 billion), Knit Apparel ($627 million), Woven Apparel ($505 million), and Fats and Oils (coconut oil) ($454 million).
U.S. imports of agricultural products from the Philippines totaled $991 million in 2013. Leading categories include: tropical oils ($453 million), processed fruit and vegetables ($196 million), tree nuts ($73 million), fruit and vegetable juices ($63 million), and raw beet and sugar cane ($34 million).
U.S. imports of private commercial services* (i.e., excluding military and government) were $3.7 billion in 2012 (latest data available), up 17.8% ($556 million) from 2011, and up 177% from 2002 levels. Other private services (business, professional and technical services), travel and passenger fares categories account for most of U.S. services imports from the Philippines.
The U.S. goods trade deficit with the Philippines was $862 million in 2013, a 43.3% decrease ($658 million) over 2012.
The United States had a services trade deficit of $1.2 billion with the Philippines in 2012 (latest data available), up 20.7% from 2012.
U.S. foreign direct investment (FDI) in the Philippines (stock) was $4.6 billion in 2012 (latest data available), a 3.7% decrease from 2011.
Reported U.S. FDI in the Philippines is mostly in the manufacturing sector.
Philippines FDI in the United States (stock) was $240 million in 2012 (latest data available), up 112.4 percent from 2011.
The distribution of Philippines FDI in the United States is not available.
Sales of services in the Philippines by majority U.S.-owned affiliates were $3.6 billion in 2011 (latest data available), while sales of services in the United States by majority Philippines-owned firms were $35 million.
*NOTE: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. government services.