Philippines: Exports of goods and services as percent of GDP
For that indicator, The World Bank provides data for the Philippines from 1960 to 2018. The average value for the Philippines during that period was 29.11 percent with a minumum of 11.95 percent in 1960 and a maximum of 51.37 percent in 2000.
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The exports of the Philippines and other countries are calculated as the total amount of goods and services produced at home and sold abroad. Exports are often reported as percent of GDP so that we can evaluate their magnitude relative to the size of the economy.
If exports are about 15 percent or less of GDP the economy is considered relatively closed as only 15 percent of its products are sold internationally. That, for example, applies to the U.S. In contrast, many small European countries export over 40 percent of their production. They are considered more open to international trade.
Definition: Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.