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 the 1989 bilateral Trade and Investment Framework Agreement (TIFA) to address outstanding bilateral issues and coordinate on bilateral, regional, and multilateral issues. Under the TIFA, the United States and the Philippines also have signed agreements on customs administration and trade facilitation (2010), cooperation on stopping illegal transshipments of textiles and apparel (2006), and implementation of minimum access commitments by the Philippines (1998).
In 2018, Philippines GDP was an estimated $330.8 billion (current market exchange rates); real GDP was up by an estimated 6.2%; and the population was 107 million. (Source: IMF)
U.S. goods and services trade with the Philippines totaled an estimated $29.6 billion in 2017 (latest data available). Exports were $11.5 billion; imports were $18.1 billion. The U.S. goods and services trade deficit with the Philippines was $6.7 billion in 2017.
The Philippines is currently our 31st largest goods trading partner with $21.3 billion in total (two way) goods trade during 2018. Goods exports totaled $8.7 billion; goods imports totaled $12.6 billion. The U.S. goods trade deficit with the Philippines was $3.9 billion in 2018.
Trade in services with the Philippines (exports and imports) totaled an estimated $9.5 billion in 2017 (latest data available). Services exports were $3.0 billion; services imports were $6.5 billion. The U.S. services trade deficit with the Philippines was $3.5 billion in 2017 (latest data available).
According to the Department of Commerce, U.S. exports of Goods and Services to the Philippines supported an estimated 58 thousand jobs in 2015 (latest data available) (42 thousand supported by goods exports and 16 thousand supported by services exports).
- The Philippines was the United States' 32nd largest goods export market in 2018.
- U.S. goods exports to the Philippines in 2018 were $8.7 billion, up 3.0% ($256 million) from 2017 and up 5.0% from 2008.
- The top export categories (2-digit HS) in 2018 were: electrical machinery ($2.6 billion), machinery ($768 million), cereals (wheat) ($666 million), miscellaneous grain, seeds, fruit (flour) ($604 million), and food waste, animal feed ($514 million).
- U.S. total exports of agricultural products to the Philippines totaled $3.0 billion in 2018, our 11th largest agricultural export market. Leading domestic export categories include: soybean meal ($888 million), wheat ($628 million), dairy products ($248 million), pork & pork products ($116 million), and poultry meat & prods. (ex. eggs) ($110 million).
- U.S. exports of services to the Philippines were an estimated $3.0 billion in 2017 (latest data available), 10.3% ($281 million) more than 2016, and 55.9% greater than 2007 levels. Leading services exports from the U.S. to the Philippines were in the travel, intellectual property (trademarks), audio visual and related products, and financial services sectors.
- The Philippines was the United States' 29th largest supplier of goods imports in 2018.
- U.S. goods imports from the Philippines totaled $12.6 billion in 2018, up 8.4% ($972 million) from 2017, and up 44.6% from 2008.
- The top import categories (2-digit HS) in 2018 were: electrical machinery ($4.5 billion), machinery ($3.5 billion), animal or vegetable fats and oils (coconut, palm, babassu) ($535 million), knit apparel ($495 million), and optical and medical instruments ($485 million).
- U.S. total imports of agricultural products from the Philippines totaled $1.1 billion in 2018. Leading categories include: tropical oils ($535 million), processed fruit & vegetables ($168 million), tree nuts ($113 million), fruit & vegetable juices ($75 million), and raw beet & cane sugar ($61 million).
- U.S. imports of services from the Philippines were an estimated $6.5 billion in 2017 (latest data available), 4.8% ($297 million) more than 2016, and 185% greater than 2007 levels. Leading services imports from the Philippines to the U.S. were in the travel, transport, and telecommunications, computer, and information services sectors.
- The U.S. goods trade deficit with the Philippines was $3.9 billion in 2018, a 22.5% increase ($716 million) over 2017.
- The United States has a services trade deficit of an estimated $3.5 billion with the Philippines in 2017 (latest data available), up 0.5% from 2016.
- U.S. foreign direct investment (FDI) in the Philippines (stock) was $7.1 billion in 2017, a 12.5% increase from 2016. U.S. direct investment in Philippines is led by manufacturing, wholesale trade, and professional, scientific, and technical services.
- Philippines FDI in the United States (stock) was $750 million in 2017, up 1.4% from 2016.
- Sales of services in the Philippines by majority U.S.-owned affiliates were $4.2 billion in 2016 (latest data available), while sales of services in the United States by majority Philippines-owned firms were $34 million.