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). The latest information regarding significant trade barriers can be found in the 2024 National Trade Estimate Report, see here.
Philippines Trade Summary
U.S. goods and services trade with Philippines totaled an estimated $36.9 billion in 2024, up 5.0 percent ($1.8 billion) from 2023.
U.S. total goods trade (exports plus imports) with Philippines was an estimated $23.4 billion in 2024. U.S. goods exports to Philippines in 2024 were $9.2 billion, down 0.1 percent ($9.8 million) from 2023. U.S. goods imports from Philippines in 2024 totaled $14.2 billion, up 6.8 percent ($906.1 million) from 2023. The U.S. goods trade deficit with Philippines was $4.9 billion in 2024, a 22.9 percent increase ($915.9 million) over 2023.
U.S. total services trade (exports plus imports) with Philippines totaled an estimated $13.5 billion in 2024. U.S. services exports to Philippines in 2024 were $4.8 billion, up 16.9 percent ($695 million) from 2023. U.S. services imports from Philippines in 2024 were $8.7 billion, up 2.0 percent ($174 million) from 2023. The U.S. services trade deficit with Philippines was $3.9 billion in 2024, an 11.8 percent decrease ($522 million) over 2023.
