Philippines Trade Data article includes the information about the Philippines Import Data. The importers, exporters, financial institutions, and business houses want this information.
It is essential for them because they want to look for their potential clients. On the other hand, the manufacturing companies want to look out for new customers to increase their product sales. Electronic items and machine parts are the two things exported on a large scale in the Philippines.
We have kept these kinds on the priority list of the Philippines Export Data. On the other hand, there is a decrease in the export of PPE kits, masks, and essential medical equipment in 2021. It happened during the first three months of 2021, i.e., January to March.
What is Philippines Import Data?
Philippines Import Data covers all the transaction level details. This data contains complete shipping details such as importer name, product description, HS code, price, quantity, mode of shipment, shipment date and so on. Therefore, the Filipino importers can go through the Philippines trade data and get the information they want for their business. You can get the complete information of consignments and Philippines import from other countries.
The consignments have transported using all means of transport. As an importer, you want to get information regarding the products in demand and your competitors. Then, you can check this out in the import data of the Philippines.
Top 10 Import Items: Philippines Import Data Statistics Record
In the year 2020, the Philippines have emerged as the 34th largest importer country in the world. The country has imported the good of value $90.7 Billion US Dollars. The top 10 import items according to the Philippines Trade Data are as follows:
- Electrical Machinery & Equipment
- Mineral Fuels & Oils
- Iron & Steel
- Iron & Steel Articles
- Pharma products
- Medical Equipment
The import sources of the Philippines are Japan and China, and their import share is 23.1% and 9.6%, respectively, in 2020. Therefore, the total import of the Philippines is 79.6% during the year 2020.
Who needs to stay updated with the Philippines Export Data & Import?
Importers, exporters, and business partners need complete information about the import and export information of the Philippines. Therefore, they have to do further planning for their business expansion.
- Filipino Importers and Exporters: The Philippines Import Data and Export information is essential for the importers and exporters. They want to check out the potential customs for business expansion purposes.
- Financial Institutions: Meanwhile, the financial institutions want complete information about the import and export to find the new business houses involved in doing the business. They have to provide financial services to them when needed.
- Manufacturing Companies: The trade data is helpful for the manufacturing companies to look out for new buyers for their products across the world. They have their plans to launch new products and look for potential buyers. Therefore, they want accurate information on the Philippines Trade Data.
- Publication Houses: The updated records of Philippines import and export information are used by the media houses to show the market trends. They prepare the international trade updates using it. Therefore, it is their duty to research and gets accurate information while updating regarding the marketing trends of a particular country.
- Market Researchers: Trade data is beneficial to do the initial market research. It has done to check out the market potential and product movement in the different countries of the world. Market research work is essential to find out the sales of particular products.
- Logistics Companies: Logistics Companies use trade data to search for new clients and grow their business. They try to provide the best services through which they can target the importers and exporters. On the other hand, with the help of modes of transport, it is possible to take the goods from one place to another. Logistics Company plays an essential role in transporting the goods to their specified location on time. They should provide proper means of transport for transporting the goods.
Philippines Trade Data Highlights
- Increase in External Trade: The value of external trade of goods in the Philippines has increased. In February 2021, its value is around $12.91 Billion US Dollars. As per the external trade records, imports goods’ percentage value is 58% and the rest are exported to the Philippines.
- Annual Increase in Trade Deficit: In February 2021, an annual decline was recorded in the trade deficit of -23.4% compared to -28% in February 2020.
- Negative growth in export sales: However, there is a fall in export sales, and its value recorded around $5.31 Billion US Dollars. The major commodities exported are chemicals, mineral products, machinery, transport equipment, metal components, and electronic products.
- Exports dropped from last year’s: The earnings from the exports dropped in the cumulative years. Furthermore, the Philippines export data showed a fall in exports from January to February 2021 were $10.83 Billion US Dollars. However, it was lower than -3.6% from the last year’s export value recorded in January to February 2020.
Philippines Export Data: Highest Export of Electronic & Machinery Parts
Electronic Products’ highest export sales: The export sales of electronic products remained the highest during 2020-2021.
Philippines’ total earnings through the export of electronic items recorded $2.98 Billion US Dollars. It accounted for 56.2% of the total export value.
Then, it followed the manufactured goods whose export sales value is $350.5 Million US Dollars and 6.6%. Then, the value of transport and machine items is $205.86 Million US Dollars. We found that electronic items and manufactured goods are exported large scale from the Philippines through the Philippines export data.
PPE Kits & Surgical Masks Fall in Exports in 2021: Philippines Export Data
Fall in PPE Kit supply in February 2021: PPE kits and medical equipment export value is $1.76 million, dropping by 40.1% in February 2021. The monthly decrease in the PPE kits, medical equipment, and surgical masks supply is 82.8%. According to the Philippines Export Data, there is a decrease recorded in the supply of medical items.