How much does the Philippines economy rely on external trade?
Trade openness
The trade-to-GDP ratio is frequently used to measure the importance of international transactions relative to domestic transactions. This indicator is calculated for each country as the simple average (i.e., the mean) of total trade (i.e., the sum of exports and imports of goods and services) relative to GDP. This ratio is often called the trade openness ratio.
Trade openness level of The Philippines
Philippines economy relies less on external demand than most ASEAN economies, with its trade openness degree of only 71% in 2017, only higher than Indonesia and Myanmar. Philippines key trading partners include China, the US, Japan, Hong Kong, and South Korea.
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