Services, Foreign Trade

In 2000 imports to the Philippines totaled $33.8 billion, while exports reached $39.8 billion. Import quotas were eliminated in the early 1980s, and tariffs on imports were substantially reduced in the 1990s. The leading imports are petroleum, machinery, transportation equipment, metals, chemicals, foodstuffs, and textiles. In 1999 manufactured products constituted nearly 90 percent of Philippine exports. The main exports are electrical and electronic components, textiles, coconut products, and fish. Principal purchasers of the country’s exports are the United States, Japan, Singapore, The Netherlands, Hong Kong, Germany, and Thailand; leading sources of imports are Japan, the United States, Singapore, Saudi Arabia, South Korea, Germany, and Malaysia. The country is a member of the Association of Southeast Asian Nations (ASEAN), a regional trade organization.