THE PHILIPPINES TRADE DATA

 

        IMPORT EXPORT DATA OF THE PHILIPPINES

REALTIME FACTS AND FIGURES TO ANALYSE THE PHILIPPINES TRADE DATA

Unlike other articles and blogs available online, we are going to start this blog with some facts today and the end will also be analytical and factual rather than theoretical.

Starting with the year 2021, in the month of September 2021, the Philippines Trade Data showed a value of USD 17188 million for total trade which included exports worth USD 6690 million and imports worth USD 10497 million. After analyzing the Philippines Import Data and Philippines Export data for the month of September 2021, it was hence noticed that the nation faced a negative trade balance worth USD 3810 million.

Roughly after a year, i.e., in the month of August 2022, the Philippines Trade Data showcased a trade value of USD 18842 million. the imports of the country increased very much as compared to last year leading to a widening gap between total imports and exports, leading to rising in trade deficit worth USD 6020 million.

SOME MORE STATISTICS – THE PHILIPPINES EXTERNAL TRADE DATA

During the month of September 2022, the total value of exports as mentioned in the Philippines trade data rose to USD 19.14 billion, growing by more than 11%. It shows that the Philippines is highly dependent on foreign trade due to its lack of capability to fulfill the demands of its citizens on its own. This argument is supported by mentioning that the total trade of the Philippines includes 62% of imports while only 38% of goods are exported.

One more aspect, better known as the Balance of Payment (BoP), is also affected because of the rise in the Philippines Export Data annually. Due to the widening of the gap between total imports and exports, the country is facing a negative trade balance which is increasing every year.

 

 

WHICH COMMODITY TOPPED THE CHARTS OF TOTAL EXPORTS IN THE PHILIPPINES

Although, there are multiple commodities and goods that are being exported from the Philippines to other nations. Amongst all the goods, electronic items and gadgets are the most popular products that are exported from the Philippines the most as it is mentioned in the Philippines Export Data annual report. During September 2022, exports of electronic products covered almost 63% of the total exports of the Philippines. Total exports of them being USD 4.5 billion. Other products exported in the same time period were mineral-based products (4.5%); manufactured goods (4%); and other goods (3.8%).

As the pandemic came to an end, the exports of medical supplies and items went down by almost 48% from USD 1.25 million to USD 0.64 million. since the beginning of the year 2022, the decline in the export of PPE and medical items has been noticed. In September 2022, the decline was about 40%.

The major export partners as listed in the Philippines Export Data for the month of September 2022, were

·        The USA (16.4%)

·        Hong Kong (15%)

·        Japan (13.8%)

·        China (12.5%)

·        Singapore (5%)

IMPORTS TO THE PHILIPPINES TAKE A LONG JUMP

Imports in the Philippines, as stated in the PhilippinesExport Data are rising every year. Due to the growing dependency of people in the Philippines, the nation is forced to import various goods in the country. In the month of September 2022, total imports accounted for USD 12 billion which was 14% more than the previous year.

The major products that are imported by the Philippines as mentioned in the Philippines Import Data are:

·        Mineral Fuels, Lubricants, and related materials

·        Transport items

·        Miscellaneous items

·        Organic and Inorganic chemicals

·        Eatables and Live Animals

CONCLUSION

As we come to the end of this discussion, we would like to state that the Philippines is a developing nation that is expanding at a very rapid pace. The population of the nation is also increasing and the demand for various products is rising. If the present trend continues, then the gap between imports and exports will keep on rising with widening the gap between imports and exports. The Philippines should work towards controlling the Philippines Import Data and encourage the Philippines Export Data to maintain the Balance of Payments.

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