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 2019, Philippines GDP was an estimated $356.8 billion (current market exchange rates); real GDP was up by an estimated 5.9%; and the population was 108 million. (Source: IMF)
U.S. goods and services trade with Philippines totaled an estimated $30.6 billion in 2019. Exports were $12.1 billion; imports were $18.5 billion. The U.S. goods and services trade deficit with Philippines was $6.4 billion in 2019.
Philippines is currently our 31st largest goods trading partner with $21.4 billion in total (two way) goods trade during 2019. Goods exports totaled $8.6 billion; goods imports totaled $12.8 billion. The U.S. goods trade deficit with Philippines was $4.1 billion in 2019.
Trade in services with Philippines (exports and imports) totaled an estimated $9.2 billion in 2019. Services exports were $3.4 billion; services imports were $5.7 billion. The U.S. services trade deficit with Philippines was $2.3 billion in 2019.
- Philippines was the United States' 32nd largest goods export market in 2019.
- U.S. goods exports to Philippines in 2019 were $8.6 billion, down 0.8% ($74 million) from 2018 but up 49.9% from 2009.
- The top export categories (2-digit HS) in 2019 were: electrical machinery ($2.7 billion), machinery ($764 million), cereals (wheat) ($731 million), oilseeds and oleaginous fruits (flour) ($583 million), and food waste, animal feed ($421 million).
- U.S. total exports of agricultural products to Philippines totaled $2.9 billion in 2019, our 10th largest agricultural export market. Leading domestic export categories include: soybean meal ($788 million), wheat ($708 million), dairy products ($273 million), prepared food ($111 million), and processed vegetables ($110 million).
- U.S. exports of services to Philippines were an estimated $3.4 billion in 2019, 2.2% ($75 million) more than 2018, and 79.1% greater than 2009 levels. Leading services exports from the U.S. to Philippines were in the travel, intellectual property (trademarks, audiovisual and related products), and professional and management services sectors.
- Philippines was the United States' 28th largest supplier of goods imports in 2019.
- U.S. goods imports from Philippines totaled $12.8 billion in 2019, up 1.5% ($187 million) from 2018, and up 88.1% from 2009.
- The top import categories (2-digit HS) in 2019 were: electrical machinery ($4.6 billion), machinery ($3.4 billion), optical and medical instruments ($561 million), knit apparel ($480 million), and leather products ($469 million).
- U.S. total imports of agricultural products from Philippines totaled $924 million in 2019. Leading categories include: tropical oils ($353 million), processed fruit & vegetables ($165 million), fruit & vegetable juices ($112 million), tree nuts ($92 million), and raw beet & cane sugar ($36 million).
- U.S. imports of services from Philippines were an estimated $5.7 billion in 2019, 13.9% ($698 million) more than 2018, and 131% greater than 2009 levels. Leading services imports from Philippines to the U.S. were in the travel, transport, and telecommunications, computer, and information services sectors.
- The U.S. goods trade deficit with Philippines was $4.1 billion in 2019, a 6.7% increase ($261 million) over 2018.
- The United States had a services trade deficit of an estimated $2.3 billion with Philippines in 2019, up 37.4% from 2018.
- U.S. foreign direct investment (FDI) in Philippines (stock) was $6.9 billion in 2019, a 0.3% increase from 2018. U.S. direct investment in Philippines is led by nonbank holding companies, manufacturing, and wholesale trade.
- Philippines FDI in the United States (stock) was $474 million in 2019, up 31.3% from 2018. There is no information on the distribution of Philippines FDI in the U.S.
- Sales of services in the Philippines by majority U.S.-owned affiliates were $3.9 billion in 2017 (latest data available), while sales of services in the United States by majority Philippines-owned firms were $26 million.