Philippines: Growth of exports
* indicates monthly or quarterly data series
| Philippines |
Exports of goods and services, annual growth |
|---|---|
| Latest value | 1.44 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1961 - 2023 |
| Average | 6.51 |
| Min - Max | -19.91 - 39.82 |
| Source | The World Bank |
The latest value from 2023 is 1.44 percent, a decline from 10.96 percent in 2022. In comparison, the world average is 5.19 percent, based on data from 130 countries. Historically, the average for the Philippines from 1961 to 2023 is 6.51 percent. The minimum value, -19.91 percent, was reached in 1998 while the maximum of 39.82 percent was recorded in 1980.
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Definition: Annual growth rate of exports of goods and services based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. 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.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 95.83 | 2021 | percent |
| Trade openness | 67.40 | 2023 | percent |
| Financial openness | -0.042 | 2021 | index points |
| Exports, percent of GDP | 26.65 | 2023 | percent |
| Exports, billion dollars | 116.52 | 2023 | billion U.S. dollars |
| Growth of exports | 1.44 | 2023 | percent |
| Imports, percent of GDP | 40.74 | 2023 | percent |
| Imports, billion dollars | 178.11 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 2.03 | 2023 | percent |
| Foreign Direct Investment, billion dollars | 9.12 | 2023 | billion U.S. dollars |
| Portfolio investment inflows, equities | 396.30 | 2023 | million dollars (current) |
| Current account, percent of GDP | -0.40 | 2023 | percent |
| Current account, in dollars | -11.82 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | -14.09 | 2023 | percent |
| Trade balance, in dollars | -47.20 | 2023 | billion U.S. dollars |
| Reserves | 103.74 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 8.94 | 2023 | percent |
| Remittances | 39,096.89 | 2023 | million U.S. dollars |
| Net errors and omissions | 1,353.78 | 2023 | million USD |
| External debt | 25.98 | 2022 | percent |
| Short-term external debt | 14.08 | 2023 | percent |
| Short-term debt to reserves | 16.48 | 2023 | percent |
| Foreign exchange reserves | 106.84 | 12/2024 | billion |