BILATERAL TRADE RELATIONS BETWEEN THE US AND THE PHILIPPINES – DECODED

 

ABSTRACT

Two-way trade relations between the Philippines and the US are strongly formed and based on the past and cultural connections that both nations share with each other. Each nation’s commitment to its democracy and human rights adds more strength to the bilateral trade between them. Defense and security connections are among the strongest connections that exist between these two nations as many bonds and treaties like the Mutual Defense treaty were signed in the past. The cultural diversity of the two countries is very attractive and breathtaking as the citizens of one country are living in another country without any trouble or cultural bias. As per the latest reports, 2,20,000+ US citizens are living in the Philippines, whereas 4 million Philippians are living in the US.

The first ever diplomatic relation that happened between the US and the Philippines was in the year 1946. You would be surprised to know that for 60 years (from 1961), USAID is working continuously with the government of the Philippines to achieve the goals which are common for both countries by investing USD 5 billion+ to aid the Philippines. Let’s dive deep into this topic and learn more about the bilateral trade trends between the US and the Philippines in the past few years.

USEFUL INSIGHTS ABOUT THE BILATERAL TRADE BETWEEN THE US AND THE PHILIPPINES

Below mentioned is a table that depicts the total trade insights between both countries which are based on the Philippines Trade Data for the past five years (2017-2021).

TOTAL TRADE TO AND FROM THE PHILIPPINES FROM AND TO THE US
YEAR	IMPORTS TO THE PH FROM THE US	EXPORTS FROM THE PH TO THE US
2017	USD 8.45 billion	USD 11.95 billion
2018	USD 8.71 billion	USD 12.93 billion
2019	USD 8.64 billion	USD 13.07 billion
2020	USD 7.73 billion	USD 11.50 billion
2021	USD 9.26 billion	USD 14.57 billion

 

According to the table given, the Philippines Import Data is growing every year and so is the Philippines Export Data by a good percentage with regard to the US. On one hand, this bilateral trade is proving to be successful for the Philippines as its trade surplus is rising every year, unlike the United States whose trade deficit is on a rise.

Although various items and products were exported from the Philippines to the US in the year 2021, the major contribution of these top 6 goods is the most according to the Philippines Export Data 2021.

·        Electric machines like TV, radio, and their spare parts (USD 5.67 billion)

·        Mechanical items like boilers, nuclear reactors, parts, etc. (USD 3.56 billion)

·        Fats derived from animals and vegetables (USD 547 thousand)

·        Optical and precision products (USD 536 thousand)

·        Leather items (USD 476 thousand)

·        Apparel, garments, and clothing (USD 442 thousand)

Other prominent exported items that are mentioned in the Philippines Export Data 2021 are furniture items, rubber items, beverages, and kid’s toys.

Similarly, the Philippines imported various items too from the US in the year 2021. Some of the most important items that were imported by the Philippines are also mentioned in the Philippines Import Data 2021 were:

·        Electric machines like TV, radio, and their spare parts (USD 2.14 billion)

·        Mechanical items like boilers, nuclear reactors, parts, etc. (USD 1.27 billion)

·        Cereals (USD 880 million)

·        Oil seeds and other grains (USD 799 million)

·        Pharmaceutical and medical products (USD 716 million)

·        Dairy products like eggs, honey, and milk (USD 418 million)

Other most important things imported to the Philippines from the US according to the Philippines Import Data 2021 were aircraft, plastic items, beverages, and chemicals.

OTHER USEFUL INSIGHTS ABOUT THE US AND THE PHILIPPINES

Nowadays, apart from defense assistance, the US is assisting and funding the Philippines to make it strong to withstand any disaster or unforeseen natural calamity in the future. Since the year 2010, USAID has funded the Philippines with over USD 340 million as disaster management and relief aid.

Not only this, but the US has proved to become the best ally of the Philippines when it helped and funded USD 38 million towards fighting against the Covid-19 outbreak and provided more than 32 million vaccines for the Philippians via COVAX facility.

CONCLUSION

As the association between the nations is presently a significant solid area and very overwhelming, it is surveyed that this bond will increase and build up further in view of various huge exercises all set, the coordination between the countries would augmentation, and subsequently, the Import Export Data between the nations would in like manner addition and cross new benchmarks later on. Many new agreements and treaties are in pipeline from our perspective as the trade relations and other cultural bonds between the countries are very good and strong.

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Post Script:

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