In 2018, the US was the biggest export market, fourth-largest import supplier and the third-largest major trading partner of the Philippines. Philippine exports to the US increased by 9.13 per cent from $9.66 billion in 2017 to $10.54 billion in 2018 mainly due to an increase in exports of semiconductor devices manufactured from materials on consignment basis; other parts of airplanes or helicopters; photosensitive semiconductor devices; transistors, other than photosensitive transistors; and static converters.

Total bilateral trade was valued at $18.36 billion. One of the factors that contributed to the growth of Philippine exports is trade preference program or the Generalised Scheme of Preferences (GSP) granted by the US to the Philippines. Under US GSP program, tariffs are eliminated on about 5,000 tariff lines if beneficiary developing countries meet the eligibility criteria established by US Congress. GSP criteria include, among others, respecting arbitral awards in favor of US citizens or corporations, combating child labor, respecting internationally recognised worker rights, providing adequate and effective intellectual-property protection, and providing the US with equitable and reasonable market access.