The Philippines is a Southeast Asia country. It is surrounded by the western Pacific Ocean. The international exchange of export and import from India or other countries is a part of the business. Business is surrounded globally and the profit from business depicts the GDP of the country. The Philippines is a country surrounded by 7000 plus islands and one of the largest archipelagos in the world. To know the international business strategy of the Philippines you need to have depth idea about Philippine trade data, export data Philippines, and import data Philippines. In this blog, you will get all this detail.
Basic terminologies used
To understand the relationship of international trade you need to have an idea about three basic terms which are mentioned below.
- Trade data: Trade is the concept of selling and buying goods and services. It is related to international trade and it’s expanded globally. Trade data is decided by the import and export of goods. Suppose a country spends more on imports than a trade deficit or balance of trade condition is followed.
- Import and export: International trading across the globe for goods and services is related to import and export. Import means goods produced in your own country and imported to further other countries. Export is the production of goods and services domestically, further sold to other countries. Philippines trade data, export data Philippines and import data Philippines will clear all your doubts.
The recent 2021 import data Philippines showed a 2.7% increase in the annual rate. The positive growth after so much degradation or downfall has shown a new journey ahead. The import data Philippines for various goods and products are mentioned below.
Most of the goods are imported are electronics products and the value of import is USD 2.12 billion or 27.9% of total import in 2021. As compared to the previous year 2020 there is a growth of 10%.
The raw materials share the largest USD 2.97 billion or 39% of the total import in 2021. In 2020 it was USD 2.79 billion.
Personal protective equipment
Talking about import value for personal protective equipment and medical supplies it increased to USD 38.9 million. The annual increment is 240% compared to the previous year. Some of the are personal protective equipment like protective clothing, safety headgear, surgical facemask, another type of mask, surgical gloves, testing kits. Due to COVID-19 personal protective equipment and medical supply is in huge demand with high profit. Philippine trade data and import data Philippines.
APEC member country
APEC member countries are the biggest Supplier of goods. Import data Philippine fulfills the needs from AP EC member countries. In 2021 it should USD 6.7 a billion or 89% of goods and services. Next, come East Asia company which import USD 3.86 billion or 50% goods to Philippine followed by Asian countries shared USD 2.17 billion or 28% good to the Philippines.
Talking about the geographical region eastern Asia imported USD 3.86 billion of goods. North America imported USD 512.6 million goods.
Republic of China highest import
The People’s Republic of China is the largest supplier of imported goods with USD 1.9 billion or 24%. Followed by Japan imported USD 693.19 million or 9.1 exported Goods. Philippine trade data or import data Philippine works in this way. The Republic of Korea imported USD 680.9 million or 9%. Followed by Singapore imported USD 560.1 million or 7.4% and Indonesia with USD 513.85 million or 6.8%.
Export data Philippines shares its data which are mentioned below.
Talking about 2021 the total external trade or Philippines trade data amounted to USD 13 billion which is a decline of 18% annuals. The external trade of 2021 shows 57% imported goods from the rest exported goods.
The balance of trade or trade deficit is the difference between the value of import and export goods. Philippine trade data trade deficits show minus 1.83 billion USD.
Export data Philippines depends upon the sale of goods and it is USD 5.65 billion which is lower than the previous year. There’s a decline of 9.6% from previous you.
The top exporter
The annual growths in 2021 for the top export of major commodity groups are given ahead. The top export of the Philippines is gold with a decline of 41%, wiring and other vehicles like ships and aircraft with a decline of 35%. Followed by machinery’s and transport equipment decline of 30% is shown in the total exported goods.
The types of manufactured goods shared the highest export of USD 4.74 billion or 83% growth followed by mineral products share USD 437.85 million or 7.7% growth. The other agro-based product shares USD 342.58 million or 6.1% annually.
The United state of America is the highest exporter of the Philippines. The export data Philippines or Philippine trade data made a profit from exported goods of United States of America the most. It shows the value amounting to USD 1 billion or 18.3% annually followed by the top export partner Republic of China with USD 908 million or 16.1%, Japan what USD 811.8 million or 14.4%. The next is Hong Kong amounting to USD 772.49 million or 13.7%, Singapore with USD 329.8 million or 5.8%.
Benefits of international trade
There are certain benefits of international trade. Philippine trade data or import data Philippine and export data Philippine value the benefits of international trade.
- International trade will increase the revenue and number of clients.
- The life span of sales depends on the longer product.
- Cash flow management is quite easier with hidden advantages.
- One of the advantages is diversification. Domestic markets explode to increase the risk of various factors like political, environmental, economy. Single markets have less potential risk.
- Benefit from currency exchange because of the fluctuation of currency.
Till now you are aware of certain facts like Philippines trade data, export data Philippines, and import data Philippines. Business is like becoming popular with profit, risk matters a lot in business. Export and import business will give you huge profit and risk for business will give you potential any further life.