BILATERAL TRADE RELATIONS BETWEEN THE PHILIPPINES AND CHINA – JUICY INSIGHTS

HOW ARE THE BILATERAL TRADE RELATIONS BETWEEN BOTH COUNTRIES?

By mutually signing an official agreement, the Philippines and China established their first-ever bilateral trade relations on June 9th, 1975. Since that time and up until the present, the commercial relations between the two countries have experienced many ups and downs in both linear and multi-dimensional ways. The frequent visits of the presidents of one country to the other help to foster a sense of mutual trust and confidence between the nations.

 

Both nations recently commemorated their 30 years of bilateral economic relations with the utmost satisfaction and joy on June 9, 2005. Throughout these 30 years, other bilateral agreements have also been made, including the Joint Trade Agreement in 1975, the Postal Agreement in 1978, and the Tax Agreement in 1989. Recently, on 9^th June 2005, both countries celebrated their 30 years of bilateral trade relations with utmost pleasure and joy. In these 30 years, various mutual agreements are also signed between both countries like the Joint Trade Agreement in the year 1975, followed by a Postal agreement in 1978, a tax agreement in 1999, an Extradition treaty in the year 2001, etc.

The bilateral relations between both countries were cordial until territorial disputes happened in the South China Sea which was caused due to the ownership of the disputed islands named, Spratly Islands. Many attempts have been made to resolve this issue which included the agreement named “shelving disputes and going in for joint development” but still the issue persists and the bilateral trade between both countries is still affected due to this.

BILATERAL TRADE ANALYSIS (2017-2021)

Let’s understand the bilateral trade trend with respect to the Philippines Trade Data for the past 5 years.

BILATERAL TRADE TREND ANALYSIS – PHILIPPINES AND CHINA (2017-21)
YEAR	PH > CHINA	CHINA > PH	REMARKS
2017	USD 6.99 billion	USD 17.81 billion	PH in Trade Deficit
2018	USD 8.69 billion	USD 22.57 billion	PH in Trade Deficit
2019	USD 9.62 billion	USD 25.74 billion	PH in Trade Deficit
2020	USD 9.62 billion	USD 20.95 billion	PH in Trade Deficit
2021	USD 11.53 billion	USD 28.20 billion	PH in Trade Deficit

 

By studying the bilateral trade statistics of the last five years, we easily reached the conclusion that the Philippines Trade Data always stayed under a trade deficit situation.

TOP 5 ITEMS IMPORTED BY THE PHILIPPINES FROM CHINA (2021)

Among every one of the items imported by the Philippines from China, the top items who has the biggest commitment to the Philippines Import information for the year 2021 are:

•          Electrical machines and extra parts (USD 7.38 billion)

•          Hardware and mechanical things like television, reactors, and boilers (USD 3.07 billion)

•          Mineral powers and oils (USD 2.57 billion)

•          Iron and steel (USD 1.95 billion)

•          Light auto (USD 1.07 billion)

•          Plastic items (USD 1.01 billion)

Different items on this rundown are clay things, drug items, furniture, and accuracy instruments.

TOP 06 Things Traded BY THE PHILIPPINES TO CHINA (2021)

In view of the measurements delivered by the Philippines Commodity Information for the year 2021, we have accumulated the most genuine data on the top items traded by the Philippines to China in the year 2021. They are as per the following:

•          Electrical apparatus and hardware (USD 4.94 billion)

•          Copper items (USD 1.46 billion)

•          Metals and slag (USD 1.40 billion)

•          Machines and mechanical apparatuses (USD 1.16 billion)

•          Mineral powers and oils (USD 572.51 million)

•          Eatable foods are grown from the ground (USD 523.41 million)

Different items on the Import Commodity Information rundown of the Philippines are optical and accuracy apparatuses, plastic items, and natural synthetics.

 

End

In the current situation, China is all the more impressive and exchanges more to and from the world when contrasted with the Philippines. Albeit the exchange between the two countries is warm, it is valuable for the Philippines to exchange with China as over the long haul, it would be exceptionally helpful for the Philippines, and it can open new and greater open doors for the country.

Additionally, the two countries have perceived that the respective exchange relations between them have represented various advantages to worldwide exchange and the economy also. The collaboration between China and the Philippines is likewise an area of strength for becoming each and every effective exchange and exchange.

POINT TO BE NOTED

If you want further analysis and the best advice about the Philippines' Trade Data or Import Export 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, Turkey, the USA, etc. at affordable prices. We deal in providing customized databases to our clients which are highly curated as per each client’s needs and want.

FOR MORE INFORMATION:

WEBSITE: Import Export Data

EMAIL: info@tradeimex.in