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Trade between the Philippines and South Korea

In 2024, the Philippines exported $4.5 billion to South Korea and imported $10.1 billion. The Philippines ran a deficit of $5.6 billion with South Korea, compared with a deficit of $5.5 billion in 2019. South Korea was the Philippines’ 4th largest trading partner (6% of its trade), and the Philippines was South Korea’s 20th (1%).

Summary

Philippines → South Korea
$4.5billion
South Korea → Philippines
$10.1billion
The Philippines’ balance
-$5.6billion

Balance

The Philippines’ trade balance with South Korea

Trade between the Philippines and South Korea grew 6.9-fold since 1995

USD billions (current). The Philippines’ exports and imports; bars: its balance (green surplus, red deficit).

  • Exports 4.5
  • Imports 10.1
  • Balance -5.6

Source: CEPII BACI

Show the numbers
YearExportsImportsTrade balance
1995$610 million$1.5 billion-$883 million
1996$638 million$2 billion-$1.4 billion
1997$816 million$2.5 billion-$1.7 billion
1998$779 million$2.7 billion-$1.9 billion
1999$1 billion$2.4 billion-$1.4 billion
2000$1.9 billion$2.5 billion-$659 million
2001$1.8 billion$2.3 billion-$433 million
2002$1.3 billion$3.2 billion-$1.9 billion
2003$2 billion$2.9 billion-$890 million
2004$2.1 billion$3.3 billion-$1.1 billion
2005$2.3 billion$2.8 billion-$419 million
2006$2.2 billion$3.7 billion-$1.5 billion
2007$2.8 billion$4 billion-$1.2 billion
2008$3.4 billion$3.9 billion-$492 million
2009$3.1 billion$4 billion-$923 million
2010$3.7 billion$5.1 billion-$1.4 billion
2011$3.8 billion$5.4 billion-$1.7 billion
2012$3.4 billion$6.2 billion-$2.8 billion
2013$4.4 billion$6.5 billion-$2.1 billion
2014$2.8 billion$6.3 billion-$3.5 billion
2015$3.4 billion$5.7 billion-$2.3 billion
2016$3.3 billion$6.4 billion-$3.1 billion
2017$4.4 billion$7.8 billion-$3.4 billion
2018$4.2 billion$8.3 billion-$4.1 billion
2019$3.6 billion$9.1 billion-$5.5 billion
2020$3.1 billion$7.5 billion-$4.5 billion
2021$3.3 billion$7.6 billion-$4.3 billion
2022$5.4 billion$12.7 billion-$7.3 billion
2023$4.5 billion$9.2 billion-$4.7 billion
2024$4.5 billion$10.1 billion-$5.6 billion

What they sell each other

What the Philippines sells to South Korea

The top 10 headings in 2024, with their share of the total.

  1. Microchips$752 million · 16.8%
    4 thousand tonnes · the Philippines’ destinations
  2. Electric motors and generators$696 million · 15.6%
    574 tonnes
  3. Cables and wire$333 million · 7.5%
    19 thousand tonnes · the Philippines’ destinations
  4. Bananas$234 million · 5.2%
    243 thousand tonnes · the Philippines’ destinations
  5. Transformers and power supplies$168 million · 3.8%
    1 thousand tonnes
  6. Refined copper$147 million · 3.3%
    16 thousand tonnes · the Philippines’ destinations
  7. Computer and office machine parts$116 million · 2.6%
    2 thousand tonnes
  8. Copper scrap$113 million · 2.5%
    13 thousand tonnes
  9. Low-voltage switches and connectors$102 million · 2.3%
    1 thousand tonnes
  10. Coal$95 million · 2.1%
    1.3 million tonnes · South Korea’s sources

What South Korea sells to the Philippines

The top 10 headings in 2024, with their share of the total.

  1. Refined petroleum$3.5 billion · 34.4%
    5 million tonnes · South Korea’s destinations
  2. Microchips$2.3 billion · 23%
    1 thousand tonnes · South Korea’s destinations
  3. Computer and office machine parts$212 million · 2.1%
    610 tonnes
  4. Cables and wire$168 million · 1.7%
    16 thousand tonnes · South Korea’s destinations
  5. Diodes, transistors and solar cells$167 million · 1.7%
    293 tonnes
  6. Self-propelled trains and trams$149 million · 1.5%
    2 thousand tonnes
  7. Enamels and glazes for ceramics and glass$134 million · 1.3%
    509 tonnes
  8. Cars$128 million · 1.3%
    8 thousand tonnes · South Korea’s destinations
  9. Copper wire$121 million · 1.2%
    19 thousand tonnes
  10. Capacitors$91 million · 0.91%
    267 tonnes

How it travels

Estimated sea route from Manila to Busan.

The estimated sea route between Manila and Busan is 1,479 nautical miles (2,740 km) long: ≈ 3.5–4.5 days at sea (at 18 and 14 knots).

It does not cross any major canal or strait.

Sailing estimate without port calls, waiting or transshipment; not a schedule. One main reference port per country: in large countries it does not represent all of its ports.

Split by transport mode

  1. Sea$8.3 billion · 56.8%
  2. Air$6.3 billion · 43.2%

Mode estimated from value per kilo and geography; both directions together.

How much each matters to the other

South Korea was the Philippines’ 4th largest trading partner (6% of its trade), and the Philippines was South Korea’s 20th (1%).

South Korea in the Philippines’ trade
6.1%
South Korea’s rank among the Philippines’ partners
4th
The Philippines in South Korea’s trade
1.1%
The Philippines’ rank among South Korea’s partners
20th

Compare with

Other partners of the Philippines

Other partners of South Korea

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), in current US dollars, with exports and imports reconciled between countries. The transport mode is our own estimate based on value per kilo and geography. The sea route comes from our own network derived from World Bank shipping density (not from nautical charts), between one main reference port per country (World Port Index); days are the distance at 14 and 18 knots, without port calls or waiting. Data up to 2024.