Details of the Philippines Import Data

Philippines in the Southeast Asian region shares borders with Malaysia, Indonesia and Vietnam in the Northern, Southern and Western region. The hospitality and amazing landscapes excavating the view of the country attracts the majority of tourists in the spot. The Philippines trade data depicts that the country has recorded 34th rank among all other nations in the year 2020 as a large import trade business holder. It has a population of approximately 80 million people and is also home to the world’s largest underground river, which is the major source of attraction there.

As per the Philippines Export Data, products worth 159.29 billion US dollars are traded with different nations from Philippines in 2022 followed by 2021. The over all revenue amount of the country increased by a rate of 21 billion US dollar from 2021. The country’s GDP has achieved a rate of 5.6% in the current year worth $3,720 billion US dollars. The nation is expanding its trade import business at an extensive rate for holding a topmost position in the global import business.

What Are the Top Ten Importing Products of the Philippines?


As per the Philippines Import Data, the top ten products that contribute to the overall economic growth of the country are listed below,

Electronic circuits and micro apparatus (17.2 billion US dollars)

Electronic circuits power a wide range of products ranging from smartphones to spacecraft and are also helpful for processing electrical signals. HS code – 85

Petroleum oils and bituminous mineral oils (14.3 billion US dollars)

Petroleum oils are used to create plastics, perform machinery tasks, making cosmetics. Whereas, mineral oils are for making essential oils to provide moisture to the skin, increasing the demand for petroleum and bituminous oils. HS code – 27

Coal fuels and briquettes (6.04 billion US dollars)

Briquettes are more impactful than other fuels as they produce heat at an extreme rate a major requirement in the coal industries. It is purposely used for electricity generation along with heating and cooking fuels. HS code – 27

Motor vehicles (3.57 billion US dollars)

Motor vehicles are mainly used for transportation purposes of humans and cargo. The transportation industry is increasing worldwide which demands a higher number of motor vehicles. HS code – 87

Medical apparatus (3.04 billion US dollars)

Medical apparatus diagnose illnesses and monitor treatments; it is an ultimate requirement of the medical industries because of the beneficial nature of products like patient monitors, stethoscopes, X-ray machines, ultrasound machines MRI machines, etc. HS code – 90

Pharmaceutical products (2.7 billion US dollars)

Pharmaceutical products are required for the prevention of public health, this includes medicines that diagnose the individual’s diseases. Pharmaceuticals delay the symptoms of severe complications and safeguard people’s lives. HS code – 29

Wheat (2.58 billion US dollars)

The benefits of gluten to the food industries have increased the demand for wheat and gluten in the country. Its multi-nutritional nature benefits the health of the person in many ways and also fulfills the carbohydrate deficiency. HS code – 10

Electrical apparatus (2.53 billion US dollars)

Electrical apparatus like starters, lamps, switches, junction boxes, and many others are the primary requirement of households increasing its demands for the mechanical industry. HS code – 85

Parts and accessories (2.17 billion US dollars)

Parts and accessories are required to improve the entire look of a vehicle and to repair motor vehicles. Hence, these are the primary requirements of the automotive industry. HS code - 87

Press cake or other solid residues (1.91 billion US dollars)

Oil cake and other solid residues are required for poultry farming, as these are to feed animals. These solid residues are rich in protein and are proven to be very beneficial for cattle and calves. HS code – 23

What Are the Top Ten Trading Partners of the Philippines?


The Philippines trade data have named China and Indonesia as the top two countries trading with the country, followed by many others as listed below.

China

The Philippines import data have recorded that the country has imported products worth 29 billion US dollars holding a share of 20% of the total trade value. The imported products include refined petroleum, integrated circuits, and broadcasting equipment.

Indonesia

Motorcycles, coal briquettes, and other vehicles are mostly imported from Indonesia to the Philippines. These products imported are worth 13.9 billion US dollars and had a total share of 9.55% of the overall value.

Japan

Japan exports products worth 13 billion US dollars to the Philippines which contributes around 8.97% to the total share of the economic growth. Optical tools, minerals, and fuels are some of the top imported products contributing to the overall value received.

Korea

Copper wire, refined petroleum, and electrical machinery are traded between the Philippines and Korea. These products are worth 12.7 billion US dollars which holds a share of 8.72%.

USA

The products that the Philippines imports from Japan include wheat, cereals, and dairy products worth 9.69 billion US dollars. Being the primary requirement of mankind this product holds a share of 6.64% of the total value.

Singapore

Integrated circuits, computers, and other machinery are imported from Singapore to the Philippines to fulfill the increasing demands of the digital industries. These products are worth 8.46 billion US dollars and hold a value of 5.79% of the total amount.

Thailand

Integrated circuit machinery and its parts are imported from Thailand to the Philippines. This product holds a value of 7.65 billion US dollars and has a share of 5.24% of the total value.

Other Asian Nations

The imported products from other Asian nations are worth 7.09 billion US dollars, including visual tools and pharmaceuticals holding a share of 4.86% of the total value.

Malaysia

Mineral, fuels, and essential oils are imported from Malaysia to the Philippines. Being a primary requirement of the cosmetic industry this product holds a share of 4.57% of the total value worth 6.68 billion US dollars.

Vietnam

Broadcasting equipment and cereals imported at a massive rate from Vietnam to the Philippines hold a value of 3.27%, which is worth 4.77 billion US dollars.

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