WHAT ARE THE MAJOR TRADE PRODUCTS IN THE PHILIPPINES


IMPORT-EXPORT TRADE STATISTICS OF THE PHILIPPINES

The Philippines is one of those countries that are growing continuously and rapidly to become one of the most developed nations in the world. The country is an emerging market and a country that became industrialized just a few years back. As we know, at first, the economy of the nation was mostly dependent on agriculture and as time passed, the economy of the country slowly and steadily shifted towards service and manufacturing industries. This shows that the development happening in the nation is commendable and the citizens are also adapting to every change that is happening for their betterment.

The Philippines is also one of the founding members of the UN. Apart from this, the nation is also one of the active and founding members of the ASEAN group of countries and an honorable member of the East Asia Summit.

Moving further, we would like to add that the Philippines maintains very strong and cordial relations with the United States in terms of economics, trade, security, and other multiple purposes.



The economy of the Philippines is considered the 40th largest economy in the world with a GDP of about USD 401.6 billion in the year 2022. According to the Philippines Trade Data for the year 2020, the nation was more or less a creditor nation, which means the Philippines imports goods more than exports in terms of value. The biggest trade partners of the Philippines in 2020 were China, Japan, South Korea, and the USA. Major exports in crops as mentioned in the Philippines Export Data 2020 were mainly coconuts, bananas, and pineapples.

THE PHILIPPINES TRADE STATISTICS OVER THE PAST 5 YEARS

YEAR

IMPORTS

EXPORTS

REMARKS

2017

USD 98.48 billion

USD 62.23 billion

Trade Deficit (I > E)

2018

USD 115.11 billion

USD 67.48 billion

Trade Deficit (I > E)

2019

USD 112.90 billion

USD 70.33 billion

Trade Deficit (I > E)

2020

USD 90.75 billion

USD 63.87 billion

Trade Deficit (I > E)

2021

USD 124.38 billion

USD 74.61 billion

Trade Deficit (I > E)

 

MAJOR TRADED PRODUCTS TO AND FROM THE PHILIPPINES IN THE YEAR 2021

Just like every country, the Philippines also maintains a list of the top products and commodities that it imports and exports the most in a particular year. So, to mention a few, the major products imported by the Philippines as mentioned in the Philippines Import Data for the year 2021 were as follows:

·        Electrical appliances, gadgets, and machines (USD 31.09 billion)

·        Mineral fuels and oils like crude oil and bituminous elements (USD 15.47 billion)

·        Mechanical tools and appliances like boilers and reactors (USD 11.76 billion)

·        Light automobiles and vehicles (USD 7 billion)

·        Iron and steel (USD 4.88 billion)

·        Plastic products (USD 4.41 billion)

·        Pharmaceutical and medical items (USD 3.7 billion)

Out of total imports worth USD 124.38 billion, almost 25% of total imports are of electrical gadgets and machines.

Now moving towards the exports that are made by the nation to the globe in the same year, we observe that the top products exported as per the Philippines Export Data across the world were:

·        Copper products (USD 2.58 billion)

·        Optical and medical precision tools (USD 2.20 billion)

·        Ores and slag (USD 1.98 billion)

·        Edible fruits and nuts (USD 1.91 billion)

·        Plastic products and items (USD 1.26 billion)

·        Light motor vehicles (USD 1.17 billion)

·        Natural and precious pearls and stones (USD 1.13 billion)

It is clearly observed that out of the total exports made by the Philippines in the year 2021, the major portion of exports was copper items. They were followed by the exports of optical and precision tools.

 

FINAL VERDICT

In the end, we would like to add that the market of the Philippines is very wide and vibrant. The citizens of the nation are quite adaptive and love to observe changes around them that are happening frequently throughout the nation. Marketers and traders are advised that they should get the best Import Export Data report for the Philippines and formulate their trade strategy soon as the market offers various opportunities and avenues to traders.

If you are confused about where to get the most authentic and reliable Philippines Trade Data of the latest years, then connect with Tradeimex today. We are an ISO-Certified market research firm that is committed to providing you with the latest real-time database without any errors or bugs.

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