The Philippines is an archipelago located in Southeast Asia. The island country is located in the western Pacific Ocean. The Philippines's economy is predominately agricultural. Manufacturing started to grow in the country in the 1950s and 1970s. Presently the sector contributes one-fourth of GDP. Philippines was one of the five-member countries in ASEAN in 1967. The Philippines signed the General Agreement on Trade and Tariff with America in 1979. Philippines joined the WTO in 1995. The Philippines has the 33rd largest economy in the world.
Philippines import export data shows that exports of goods and services are 31.68% of the GDP. Imports of goods and services are 44.37% of the GDP. The total imports in June 2020 were 6.634 billion USD and total exports in June 2020 were 5.331 billion USD. Philippines had a negative trade balance of 1.303 billion USD.
Philippines import-export data is collected from custom ports across the archipelago. The data contains information contained in documents such as the bill of lading, shipping manifest, invoices, and other documents submitted to customs authorities. The information typical contained in the import-export data is as follows:-
Traders use the data to formulate their business plans and strategy. They can use the data to analyze consumption patterns. They can predict changes in customer preferences. Traders can look for new markets to procure or sell their goods. Exporters can look for new clients and importers can look for alternatives to procure merchandise. The data also helps exporters to price their products competitively. Importers can use the data to negotiate better. Companies providing logistical services can use the database to look for new clients.
Governments and statistical bodies analyze the data to find out their main trading partners. The data helps agencies identify the major products traded by the Philippines. The government can use the data to predict the income earned through custom duties. The data is the basis for trade negotiations between countries. The Philippines can give preferential treatment to its major trade partners. The effectiveness of industrial and economic policies of the government can be evaluated by studying the import and export data.
Philippines Import Data show a 24.4% decrease in July 2020 from the previous year. The total imports of goods for the month were 7.48 billion USD. The large drop in imports was attributed to the fall in domestic demand. April 2020 saw the lowest imports in 11 years when 3.28 billion USD was imported. The total imports of goods in 2019 were 112.9 billion USD. The top 5 import of the Philippines in 2019 were:-
The import data revealed that iron and steel showed a 24.7% decline. The top 5 countries importing commodities to the Philippines were:-
An in-depth analysis of the import data showed 78.8% of imports were from Asia. Europe and North America accounted for 9.8% and 7.9% of imports respectively.
According to the import data, some of the top importers in the Philippines were:-
According to Philippines export data shows that exports declined by 9.6% year-on-year in July 2020. 5.65 billion USD of goods was exported in July 2020. The lowest exports of 2020 were recorded in April with exports amounting to 2.78 billion USD. This was the lowest export figure since February 2009. In 2019 the Philippines exported 70.3 billion USD worth of commodities.
The top 5 exports in the Philippines in 2019 were:-
Analysis of the export data revealed that fruits and nuts were the fastest growing sector in exports showing 25.5% growth. Gems and precious metal registered a 12% growth.
The top export partners of the Philippines are:-
Breaking up the export data we learned that 67.7% of exports were to other Asian countries. North America accounted for 16.3% of total exports and 12.5% of commodities were transported to Europe.
The top exporters of the Philippines are:-
· Acbel Polytech Philippines
· Aruze G A Philippines Branch
· Calfurn Mfg Philippines
· Pacific Paint Boysen Philippines
· Yuenthai Philippines
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