How much does the Philippines economy rely on external trade?
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.
What is the size of the Philippines economy? See Chart
What is the size of the Philippines population? See Chart
What is the demographic structure of the Philippines? See Chart
How has the structure of the Philippines GDP changed over the years? See Chart
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Economic Freedom Index: How free is the Philippines economy? See Chart