How to start an Export-Import business in or with Philippines?

Philippines is one of the most preferred locations for import/export business because of low cost of living, good infrastructure, investment-friendly regulations, strategic business location, unlimited business opportunities and access to highly talented and educated population.

The country attracts many global companies because of its ease of doing business. The country is burgeoning as the low cost manufacturing country with a feasible business environment.

As per the Global Import Export Data, the country exported $6.54 B and imported $10.6 B of goods in 2021. The exports increased by $1.04 billion. Philippines is a hub of educated and skilled workforce. 

The country is strategically located and this makes it the best path for doing business to both the Asian and Western markets. The government supports of foreign investment. The country is also a leading exporter of the electronics products.

The United States was the largest export market of Philippines, with 15.9% of the total exports value in 2021, followed by China, which accounted for 15.5%.

The country imported mostly electronic products in 2021 with an import value of 32.76B US dollars. China and Japan are the two leading import partners of Philippines with 22.7% and 9.4% import share respectively. The US was the fifth largest country supplier in 2021 with a 6.6% of the country’s imports.

US-Philippines bilateral trade grew by 23.4% YOY in 2021 to $23.3 billion, recovering from the 11.4% decline because of the pandemic lockdown. The country ranked as 33rd largest export destination for US products and 30th largest source of US merchandise imports.

As per the Philippines Import Data, the top imports of the country are electronics, machinery, mineral fuels and oils, vehicles and iron and steel and the main import partners are China, Japan, United States and South Korea. The country’s imports value in 2021 was USD 10.68 B, witnessing an increase of imports by 35.9% as compared to the previous year.

According to the Philippines Export Data, the leading exports of the country are the integrated circuits, office machine parts, insulated wire, electrical transformers, computers and industrial printers. The main export partners are China, United States, Japan, Hong Kong and Singapore. The exports of the country in 2021 have increased by $1.04B from $5.5B to $6.54B.

How to start Export-Import business in Philippines?

The first step to starting export and import business is to get hold of a trusted wholesaler or distributor.

1. Get hold of import and export directory: A dependable export and import directory should have a comprehensive listing of all the qualified wholesalers and distributors for any product that you wish to export or import. Getting hold of the right directory, the businesses can get all the information on import and export duties, corresponding rates and tariff classifications. Also, the businesses will get a list of the best possible products to help them achieve their goals of import/export business in Philippines. The list also helps the businesses compare prices easily. When the businesses get the bird’s eye view and accurate information about the exact availability of the product, cost of the shipment and other vital information, they can start their import/export business in Philippines without any hassle.

2. Custom requirements: Planning to export and import goods in Philippines require to adhere with the custom requirements. A complete understanding of all the custom requirements is important. It is advisable to collaborate with companies and individuals who offer complete details of custom requirements and also help furnish those. It is therefore imperative to hire freight forwarders and import support that will also help find a good transport company and manufacturer in Philippines.

3. Registration: Philippines exporters need to register for export with client profile registration system; which provides export accreditation that must be renewed annually. Exporters operating with special economic zone must register with Philippines Economic Authority and the businesses operating out of free port zones must register with specific port and exporters of certain goods like coffee must register with certain institutions.

4. Documentation: When it comes to exporting or importing goods in Philippines, it is important to adhere to the proper documentation process. There are many documents that need to be prepared when exporting or importing goods in the country. It is important that the importers or exporters of Philippines have the documents properly according with the regulations of Philippines to ensure their import/export journey goes without any hassle.

Wrap up

When planning to start import/export business in Philippines, it is very important to understand import and export procedures so that the businesses can set themselves up for better expansion, increased profits and productivity. Collaborate with a good data service provider to get authentic inputs about the Philippines trade scenario to start your import/export business effectively.

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