The Philippines is an emerging economy and is one of the fastest-growing economies in Asia. International traders are keen to do business in the Philippines. This article gives readers an overview of import and export in the Philippines through Philippines import data, Philippines export data, and Philippines trade data.
The Republic of the Philippines is an archipelago in Southeast Asia. It is one of the emerging economies in the world today. It is a mixed economy and is rapidly industrializing. The Philippines is part of several trade blocks like APEC and ASEAN.
As per Philippines trade data, the top trade partners of the Philippines are Japan, China, the US, Singapore, and South Korea. In 2020 the Philippines had a trade deficit of 41.3 billion USD.
The Philippines trade data is invaluable to anyone interested in international trade in the Philippines. Traders use the information for market research and find new buyers and sellers for their products. Exporters competitively price their products based, and importers use the data for negotiations.
What is Philippines Import data?
Philippines import data covers all imported commodities arriving into the country. We create the database from information collected in shipping bills, invoices, etc. We base the data on documents collected and verified from customs and government departments and shipping companies.
Philippines import data includes the date of shipment, Importers Name, Supplier Name, Country of Origin and port, Port in the Philippines, Harmonic Code, Product description, Quantity, value, mode of transportation, etc.
Philippines trade data – top ports
The Philippines has over 429 ports. It has a well-established transportation system transporting goods between the 7461 islands. The Philippines trade data reveals the top ports in the country are:-
Port of Manila is the largest port in the Philippines and handles the majority of international shipping in the country. It has 22 berths and 12 piers. As per Philippines trade data, the Port of Manila handles 4.5 million TEU annually.
Port of Cebu is a major passenger port in the Philippines. It handles international cargo as well. The Philippines trade data reveals the Port of Cebu can handle 1953 TEU annually.
Batangas International Port has emerged as an alternative to the Port of Manila and handles large containers. The port can handle 450000 TEU annually. Port of Subic is of strategic importance. Philippines trade data shows the port can handle 300000 TEU annually.
Port of Cagayan de Oro handles a large number of passengers every year. It handles domestic and international freight. Philippines trade data indicates the port can handle 250000 TEU annually.
The Philippines import data 2020
Philippines import data shows that in 2020, the Philippines imported goods valued at 112.9 billion USD. Imports fell by 1.9% from imports in 2019. The imports fluctuated widely because the Covid-19 pandemic affected domestic demand.
According to Philippines import data, 2020 imports started strong in January with 9.29 billion USD. Imports continued to fall for the next three months before falling to a low of 3.28 billion USD, the lowest in eleven years.
The imports started recovering in May though it still was sluggish because of weak domestic demand. The Philippines import data shows imports stabilized in September at 7.92 billion USD. Imports in 2020 in December ended at 7.92 billion USD.
The Philippines import data showed an improvement in 2021, with imports jumping to 9.1 billion USD in March 2021 and fell marginally to 8.45 billion USD in April 2021. Investors remain optimistic with accelerated domestic demand. April saw a steep rise in the imports of transport equipment, fuel and lubricants, and other food and live animals.
Philippines top imported commodities as per Philippines import data
In 2020 the Philippines imported products worth 112.9 billion USD. We learn the top imported commodities after examining Philippines import data are electrical machines (23.9% of total imports), mineral fuel including oil (13.6% of total imports), machines (including computers) (11.1% of total imports), vehicles (7.5% of total imports), and iron and steel (3.5% of total imports).
The trends in Philippines import data 2020 reveal that two sectors witnessed significant growth optical and medical apparatus showed the fastest growth of 17.5%, and Cereals grew by 7%.
The sectors which saw a decline in imports as per the Philippines import data were iron and steel with a steep decline of -24.7%, and aircraft and spacecraft fell by -14.5%.
Philippines import data shows the top import partners
Philippines import data shows the top import partners were China (23.1% of total imports), Japan (9.6% of total imports), the United States (7.9% of total imports), South Korea (7.7% of total imports), and Indonesia (6.5% of total imports).
If we examine the Philippines import data from a continental view, 63.8% of imports were from other countries in Asia. While Europe accounted for 7.1% of total imports and 6.9% of the imports were from North America.
Philippines export data shows that the Philippines exported 63.9 billion USD. Exports fell by 9.2% from exports in 2019 when the Philippines exported 70.3 billion USD.
In January 2020, exports started strongly at 5.4 billion USD. The Philippines export data shows a decline after February, with a 49.9% YoY slump in April. The exports rose after April but remained sluggish and showed recovery in October 5.79 billion USD.
The exports saw a drop in the last two months of 2020. The Philippines export data shows exports in December were 5.49 billion USD.
In the first two months of 2021, exports fell in January and February because of the pandemic. The Philippines export data shows exports surged in March to 6.68 billion USD. The demand is expected to go up as countries eased up on Covid restrictions.
Philippines top exported commodities as per Philippines export data
As stated earlier, the Philippines exported products worth 63.9 billion USD. The Philippines export data reveals the top exported commodities are electrical machines and paraphernalia (49.7% of total exports), machines including computers (14.9% of total exports), fruit and nuts (3.6% of total exports), optical and medical apparatus (2.8% of total exports), and ores, slag, and ash (2.7% of total exports).
Studying trends in Philippines export data for 2020, we learn the ores, slag, and ash category was the fastest grower showing a steep growth of 40.6% from exports in 2019. Copper saw a significant gain of 23.4% from the exports in the previous year.
Philippines export data showed that optical and medical apparatus saw a sharp drop of 17.6% drop from exports in 2019.
Top export partners as Philippines export data
Philippines export data shows the top export partners of the Philippines are Japan (15.5% of total exports), the United States (15.2% of total exports), China (15.1% of total exports), Hong Kong( 14.2% of total exports), and Singapore (5.9% of total exports).
Examining the Philippines export data, we learn 70.1% of exports by the Philippines were to other countries in Asia. Exports to Europe were 11.6% while 16% of exports were to North America.