THE INCREDIBLE BILATERAL TRADE RELATIONSHIP BETWEEN THE PHILIPPINES AND THE UNITED STATES OF AMERICA – STATISTICAL REPORT

 

LEVEL OF UNDERSTANDING BETWEEN THE TWO NATIONS

The Philippines and the United States share a very strong bond with each other. Both nations are connected on various grounds such as historical, economic, and cultural. It has also been known that these countries share similar democratic values and the rules and regulations prevailing in both nations are similar and strongly followed. The US assists the Philippines in defense the most by making arms and ammunition available for it. As far as trade relations are concerned, then according to the Philippines Trade Data of the year 2021, the US was the biggest export partner of the Philippines.

Various projects are in pipeline which are to be undertaken by both nations together in the near future and they are working closely together. Some of the upcoming projects are based on clean energy, climate crisis, promotion of growth and innovation, and health resources. Indeed, both countries are best friends and are working for the betterment of each other’s economies.

BILATERAL TRADE ANALYSIS – STATISTICAL INSIGHTS 2021

After discussing about the healthy and strong bond between both countries, now we are going to share some trade insights with you all for the year 2021. So as per the Philippines Trade Data and Philippines Export Data for the year 2021, we get to know that it exported total goods worth USD 11.85 billion to the United States.

On the other hand, we got to know from the Philippines export Data for the year 2021 that the Philippines also imported goods worth USD 8.28 billion from the United States.

Some of the major goods that were exported by the Philippines to the United States and are mentioned in the Philippines Export Data for the year 2021 were:

·        Electrically powered machinery and spare parts (USD 5.15 billion)

·        Leather articles and travel bags (USD 532 thousand)

·        Precision goods (USD 494 thousand)

·        Plant products that are edible in nature (USD 430 thousand)

·        Furniture items like bedding, mattresses, and cushions (USD 325 thousand)

Apparel, textiles, and rubber items were also the major exported items from the Philippines to the US.

On the other hand, the major items that were imported by the Philippines from the US which are mentioned in the Philippines Import Data of the year 2021 were:

·        Electric machinery and spare parts (USD 2.19 billion)

·        Leftovers from food industries (USD 1.16 billion)

·        Cereals (USD 1 billion)

·        Medical items and equipment (USD 712 thousand)

·        Dairy items like eggs and honey (USD 364 thousand)

Precision tools, beverages, and plastic products were also some of the major items being imported to the Philippines from the US.

LATEST BILATERAL TRADE ANALYSIS – OCTOBER 2022 REPORT

According to the Philippines Trade Data for the month of October 2022, the United States exported goods worth USD 741 million and imported worth USD 1.35 billion to and from the Philippines which led to a negative balance for the US in that month.

Based on the latest reports and insights received about the bilateral trade between the Philippines and the United States, the Philippines Import Data recorded imports of electric circuits, flower seed oil, semiconductor chips or devices, wheat, and telephones. Also, the Philippines Export Data recorded exports of electric circuits, insulated wires, printers that are used in industries, telephones, and transformers. In the month of October 2022, the reason for the growth of the Philippines Export Data with respect to the US was the boost in trade of industrial printers (USD 16 million), coconut oil (USD 15.5 million), and computers (USD 14.55 million).

The major cities in the United States that were involved in this bilateral trade throughout October 2022 were California, Washington, Texas, Illinois, and Tennessee.

 

OUR FINAL VERDICT

As the bond between the nations is already very strong and overwhelming, it is estimated that this bond will increase and strengthen further. Due to various big projects in the pipeline, the coordination between the countries would increase, and hence, the bilateral trade between the nations would also increase and cross new benchmarks in the future. Due to their strong investment and trade relations, both countries have already signed Bilateral Trade Agreement as well as Investment Framework Agreement.

Comment down your views on this increasing bond between these two nations.

CONNECT WITH US TODAY FOR MORE SUCH AMAZING INSIGHTS

If you want further analysis and the best advice about the US Import Data or the Philippines Trade Data or the Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including Vietnam import Data and the Philippines Import Data at affordable prices. We sell customized databases to our clients which are designed as per each customer’s needs and preferences.

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