You will find the information about the Philippines Import Data in this content. It includes the Philippines Export Data information too. You can get the authentic and updated Philippines trade data report. Philippines import data helps you find top imports of Philippines, active and genuine buyers in Philippines, market trends, ups and downs and so on.
Furthermore, the manufacturing units, financial institutions, importers and exporters use the details of Philippines Custom Data to know how to develop their business and find potential customers in different countries. The Philippines economy is the 27th largest and developing economy in the world. Furthermore, it is an emerging South Asian market after Thailand and Indonesia.
Therefore, investors have the opportunity to invest. The Philippines’ significant trading partners are South Korea, Singapore, China, Japan, the USA, Hong Kong, Taiwan, Germany, and the Netherlands.
It is essential to focus on the infrastructural development in the Philippines to promote the export and import business flourish in the country. On the other hand, it is a newly industrialized country in South Asia. The large economy of the Philippines is dependent on the Agricultural sector only.
Economic Development in the Philippines
According to the International Monetary Fund 2021, reports have revealed that the Philippines is the 27th largest economy. Furthermore, it is the 10th largest economy in the Asian region. Thus, the Philippines have grown in the several years as it emerged as an industrialized Asian region.
It is essential to work on the infrastructure to ensure the proper growth and development of the industries in the country. In addition, reducing corruption and focusing on keeping the peace is essential to continue future growth in the Philippines. It has projected that by 2050 Philippines will become the 13th largest economy in the world.
Furthermore, it will become the 4th largest in Asia. HSBC Holdings Pvt Ltd report revealed that it is possible only with the higher GDP rate of the Philippines, i.e. 8.5% in 2050. Exporters and Importers looking for new opportunities in the future can follow the Philippines Custom Data to get information about the country’s growth and development.
Major Import Items from the Philippines to other parts of the world: Philippines Import Data
The Philippines is becoming a growing economy in the South Asian region. It makes trade with Japan, India, Taiwan, USA, Netherlands, Germany and Singapore. Philippines did the import $90 Billion US Dollars last year. The goods that imported on a large scale in the Philippines are:
- Iron & Steel Articles
- Pharma products
- Medical Equipment
- Electrical Machinery & Equipment
- Mineral Fuels & Oils
- Iron & Steel
Highlights on Philippines Custom Data
The Philippines Custom Data includes the details regarding the Philippines Export Data. It consists of complete information about the country’s import data. Last year, the country’s import and export affected due to the coronavirus pandemic.
- Increase recorded in the trade data of Philippines. 58% of the increase has recorded in the last few months of 2021. Furthermore, the monetary value of external trade is $12 Billion.
- According to the recent updates, there is a fall in Philippines exports in the last few years. The negative growth of -3% (approx) recorded in exports in 2021.
- List of commodities exported in the Philippines include Chemicals, machinery, transport equipment, metal components, and electronic products. On the other hand, the export sales reduced in the coronavirus pandemic in 2020-2021.
- The records of the Philippines export data has disclosed that electronic items and machinery parts are the items that have exported on a large scale in the Philippines. Philippines earnings through the export of these two items are $2 Billion US Dollars 2020-2021.
- In Baguio, the Texas instruments plant is operational for the last 20 years. Furthermore, it has become one of the largest producers of DSP chips in the world. It is manufacturing the chips for Nokia phones and other phone companies of the world.
- Toshiba laptops have manufactured in the Philippines.
- Lexmark has its printer manufacturing factory in Mactan in the Cebu region. Other electronics and hardware manufacturing industries located in the Philippines. Soon, it will become one of industrially developed countries in the world.
- On the other hand, there is a reduction in essential medical equipment in the Philippines in 2020-2021. The list of the medical items includes the PPE kits and surgical masks. Its exports decreased by 40.1% in 2020-2021.
Agriculture focused Economy of Philippines
Around 30% of the workforce is employed in agriculture in the Philippines. Furthermore, Agriculture counts as 11% part of the Philippines GDP. The list of agricultural activities happening in the Philippines includes fishing, subsistence farming and commercial farming works.
The World’s largest producer of Coconuts is the Philippines, and 19,500,000 tons of coconuts have produced in the last few years. Furthermore, the farmers do the coconut cultivation in large and medium size of farms. The Philippines have become the second-largest pineapple producer since 2009.
The country is the eighth-largest rice producer. In the Philippines, rice is cultivated in Luzon, Visayas, Southern Mindanao and Central Mindanao. In addition, it is one of the largest producers of Sugarcane in the world.
The sugarcane cultivation is done in Negros Island regions that fulfil half of the sugar demand of the country. Around 360,000 to 390,000 land has devoted to different regions for sugarcane production in the Philippines.
Philippines Import Data top 5 import companies in the country.
The companies involved in the import work in the Philippines are:
- Phil-Asia Sales and Services: It imports raw materials and fire extinguishers in different world countries and works on client demand.
- PI Hardware and Mill Supply: PI Hardware and Mill Supply incorporated as a company in 1978. It has an extensive products array that includes construction and hardware products.
- JTR International and Cargo Services: JTR International gives cargo and consultation services to its clients. The company does its work from Manila, Philippines.
- Sapphire Trading: The Company imports items that include an Ambubag anesthesia machine, anesthesia breathing circuit, and mask. The company is operational in Makati City.
- Blooming Ventures Inc: Blooming Ventures does the import of the items as per the client requirements. It works on particular imports projects does business with many countries of the South Asian regions.