Philippines Trade Analysis

The Republic of Philippines in the Southeast Asia is a globally thriving economy of the entire world with a GDP of 424.213 billion US dollars in 2023. The country is a hub for an abundance of enchanting natural beauties ranging from rolling hills and mountains to different landscapes and plateaus contributing to the tourism sector of the nation. The Philippines encompasses more than 7,500 islands within its land area over the three geographical divisions Luzon, Visayas, and Mindanao. The rich history of the nation that dates back to its early eras was influenced by the Spanish conquistadors, Chinese traders, and American rulers, the 108 million people residing there majorly practice the Filipino culture.

The geographical location of the nation spread over a land area of 300,000 square kilometers makes it an ideal hub for foreign traders across the globe. The attributing factors like the increasing production rates along with the tariff reduction and control over the consumer consumption rates have led to an import and export trade value of 162 billion US dollars and 200 billion US dollars in 2023 according to the Philippines Import Data.

Top Traded Commodities of the Philippines

The growing economy of the Philippines needs to maintain a proper balance in its import and export trade rate to stabilize the consumer rate with the production rate which results in a stable economy. The domestic necessities of industries promote the export rate by boosting the production capability. According to the Philippines Trade Data, the top imported and exported products of the nation in 2023 with its trade values are discussed below,

Imported Products

• Electronic products (HS code - 52) – Valuation of the Electronic products imports in 2023 – 27 billion US dollars.

• Mineral fuels (HS code - 27) – Valuation of the Mineral fuels imports in 2023 – 16 billion US dollars.

• Machinery and Mechanical appliances (HS code - 84) – Valuation of the Machinery and Mechanical appliances imports in 2023 – 14 billion US dollars.

• Transport equipment (HS code - 52) – Valuation of the Transport equipment imports in 2023 – 8 billion US dollars.

• Iron and steel (HS code - 72) – Valuation of the Iron and steel imports in 2023 – 7 billion US dollars.

• Plastic and Plastic articles (HS code - 39) – Valuation of the Plastic and Plastic articles imports in 2023 – 6 billion US dollars.

• Organic Chemicals (HS code - 29) – Valuation of the Organic Chemicals imports in 2023 – 5 billion US dollars.

• Medical and Pharmaceutical products (HS code -29) – Valuation of the Medical and Pharmaceutical products imports in 2023 – 5 billion US dollars.

• Optical and Photographic equipment (HS code - 90) – Valuation of the Optical and Photographic equipment imports in 2023 – 4 billion US dollars.

• Iron and steel articles (HS code - 73) – Valuation of the Iron and steel articles imports in 2023 – 3 billion US dollars.

Exported Products

• Electronic equipment and parts (HS code - 52) – Valuation of the Electronic equipment and parts exports in 2023 – 41 billion US dollars

• Machinery including computers (HS code - 84) – Valuation of the Machinery including computers exports in 2023 – 28 billion US dollars

• Manufactured goods (HS code - 84) – Valuation of the Manufactured goods exports in 2023 – 14 billion US dollars

• Transport equipment (HS code - 52) – Valuation of the Transport equipment exports in 2023 – 8 billion US dollars

• Coconut oil (HS code - 15) – Valuation of the Coconut oil exports in 2023 – 6 billion US dollars

• Medical/Technical equipment (HS code -90) – Valuation of the Medical/Technical equipment exports in 2023 – 5 billion US dollars

• Copper ores and concentrates (HS code - 26) – Valuation of the Copper ores and concentrates exports in 2023 – 4 billion US dollars

• Processed food and beverages (HS code - 33) – Valuation of the Processed food and beverages exports in 2023 – 4 billion US dollars

• Chemicals (HS code - 29) – Valuation of the Chemicals exports in 2023 – 3 billion US dollars

• Fruits and nuts (HS code - 08) – Valuation of the Fruits and nuts exports in 2023 – 2 billion US dollars

Top Trade Partners of the Philippines in 2023

The growing economy of the Philippines is all because of the wide establishment of the nation’s trade business in different countries across the globe. As per the Philippines Customs Data, the top 10 trade destinations of the nation with its import and export trade values are discussed below,

• China – Import Trade Valuation – 25 billion US dollars, Export Trade Valuation – 28 billion US dollars

• Japan – Import Trade Valuation - 12 billion US dollars, Export Trade Valuation – 14 billion US dollars

• United States – Import Trade Valuation – 10 billion US dollars, Export Trade Valuation - 13 billion US dollars

• South Korea – Import Trade Valuation – 8 billion US dollars, Export Trade Valuation – 10 billion US dollars

• Thailand – Import Trade Valuation – 6 billion US dollars, Export Trade Valuation – 7 billion US dollars

• Singapore – Import Trade Valuation – 3 billion US dollars, Export Trade Valuation – 5 billion US dollars

• Malaysia– Import Trade Valuation – 2.5 billion US dollars, Export Trade Valuation – 4 billion US dollars

• Indonesia – Import Trade Valuation – 1.5 billion US dollars, Export Trade Valuation – 3 billion US dollars

• Vietnam – Import Trade Valuation – 900 million US dollars, Export Trade Valuation - 1 billion US dollars

• Netherlands – Import Trade Valuation – 600 million US dollars, Export Trade Valuation – 800 million US dollars

Top Trading Companies of the Philippines

The trading companies of the Philippines are some of the significant contributors to the economy; their market value boosts the annual revenue and improves the global trade rank of the nation. As per the Philippines Export Data, the top 10 trading companies of the nation in 2023 with their trade values are discussed below,

• San Miguel Corporation – Market Value of San Miguel Corporation 2023 – 20 billion US dollars

• JG Summit Holdings Inc – Market Value of JG Summit Holdings Inc 2023 – 15 billion US dollars

• Ayala Corporation – Market Value of Ayala Corporation 2023 – 11 billion US dollars

• Vista Land & Lifescapes Inc – Market Value of Vista Land & Lifescapes Inc 2023 – 8 billion US dollars

• Pacific Basin Shipping Limited – Market Value of Pacific Basin Shipping Limited 2023 – 7 billion US dollars

• Synergy Grid & Development Phils – Market Value of Synergy Grid & Development Phils 2023 – 6 billion US dollars

• International Container Terminal Services Inc – Market Value of International Container Terminal Services Inc 2023 – 5 billion US dollars

• Philippine Long Distance Telephone (PLDT) – Market Value of Philippine Long Distance Telephone (PLDT) 2023 – 4 billion US dollars

• Aboitiz Equity Ventures Inc – Market Value of Aboitiz Equity Ventures Inc 2023 – 3 billion US dollars

• Meralco – Market Value of Meralco 2023 – 2 billion US dollars

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