BILATERAL TRADE RELATION TIES BETWEEN THE PHILIPPINES AND INDONESIA

 BILATERAL TRADE TRENDS BETWEEN THE PHILIPPINES & INDONESIA

The commencement of diplomatic relations between the two nations happened way back in the year 1949. Since then, till now, both countries have enjoyed cordial trade relations and exchanged goods and services worth billions of dollars. The bilateral trade between both countries is considered one of the most important relations in ASEAN.

As per the Import Export Data of both countries, Indonesia is considered the largest exporter of coal to the Philippines and contributes 70% of total coal imports by the Philippines. Not only consumer goods or raw materials are imported by the Philippines from Indonesia, but also defense products and big artilleries are also imported by the Philippines from Indonesia, as the Philippines Import Data shows that in the year 2016, the Philippines imported Indonesia’s first warship.



Other major products that are frequently traded between both nations are automobiles, mineral products, eatables, chemicals, machinery items, and metal products.

UNDERSTANDING THE PHILIPPINES IMPORT DATA WITH RESPECT TO INDONESIA’S TRADE

Based on the Philippines' Import data for the year 2021, the Philippines imported items worth USD 9.02 billion. Although numerous products were imported by the nation, as per the Philippines Import Data following items were imported the worth in terms of cost.

·        Mineral fuels, oils, and minerals (USD 2.79 billion)

·        Light Motor Vehicles (USD 2.24 billion)

·        Animal food (USD 745.9 million)

·        Edible products (USD 545.1 million)

·        steel products (USD 262.4 million)

·        Iron & Items related to paper (USD 228.3 million)

·        Machinery, reactors, and boilers (USD 199.3 million)

Other items that were imported by the Philippines as per the Philippines Import Data for the year 2021 were chemical products, fertilizers, plastic products, and beverages.

UNDERSTANDING THE PHILIPPINES EXPORT DATA WITH RESPECT TO INDONESIA’S TRADE

Similar to imports, the Philippines also exports its domestic produce to Indonesia. Based on the Philippines Export Data for the year 2021, the country exported items worth USD 864.9 million to Indonesia. The top products that were exported by the Philippines to Indonesia as per the Philippines Export Data 2021 were as follows:

·        Electric machines (USD 318.6 million)

·        Mechanical appliances (USD 99.2 million)

·        Animal products (USD 81.8 million)

·        Light Motor Vehicles (USD 72.7 thousand)

·        Copper products (USD 62.1 thousand)

·        Items made up of plastic material (USD 41.2 thousand)

·        Tobacco (USD 24.7 thousand)

Other items that were exported by the Philippines as per the Philippines Export Data for the year 2021 to Indonesia were optical gadgets, explosives, organic chemicals, and rubberized items.

PHILIPPINES TRADE DATA ANALYSIS

In this section, we are going to discuss the current scenario of the Philippian market by looking at the Philippines Trade Data with respect to Indonesia in the past 5 years (2017-21).

PHILIPPINES TRADE DATA WITH INDONESIA (2017-2021)

YEAR

IMPORTS

EXPORTS

REMARKS

2017

USD 6.71 billion

USD 702 million

Trade Deficit

2018

USD 6.78 billion

USD 866 million

Trade Deficit

2019

USD 6.97 billion

USD 821 million

Trade Deficit

2020

USD 5.86 million

USD 453 million

Trade Deficit

2021

USD 9.02 million

USD 864 million

Trade Deficit

 

From the above-mentioned report, it is very clear that every year the Philippines Trade Data registers a trade deficit with respect to its trade with Indonesia. That means the Imports of Indonesian products to the Philippines are more than the Philippian Exports to Indonesia.

CONCLUSION

It is almost 75 years that both countries are in the bilateral trade agreement which is truly commendable. Both nations are connected on all grounds, like trade, political, cultural, democratic, and behavioral fronts. Due to this relation, the only negative thing for the Philippines is the decline in its trade surplus and balance of payments. The traders should work on this aspect and try to bring this to at least a break-even point so that the Philippines don’t have to bear any loss.

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