Vehicles Import of the Philippines: The Trade Analysis of 2024

The vehicle import of the Philippines has increased in 2024. The limited local production and the supply chain constraints have led to an import of over 80% of the vehicles demanded by the domestic population. Philippines Export Data says, the entry of Chinese brands like BYD, MG, Geely, Cherry, and Jitor with competitive pricing and fresh models has expanded the import volumes of the Philippines. The thriving electric vehicle industry due to the increasing demand from the domestic population has prompted rapid growth.

The lower modification rate of the technologies used in manufacturing sectors and the growing demand of the domestic population regarding the latest vehicles has resulted in an import trade value of automotive essentials worth 8 billion US dollars in 2024. Import Globals with its Philippines trade data gives a detailed analysis of the overall valuation of vehicles imported in 2024. The statistical analysis of the year-by-trade increase in imports highlights the potential marketing regions by investing in which the business holders can record an upward trajectory in their global service expansion.

GOVERNMENT INITIATIVES SUPPORTING THE IMPORT OF VEHICLES IN THE PHILIPPINES IN 2024

The government implemented initiatives serve as a supporting structure for the entire import and export economy of a region. Different initiatives work collectively to counter the annual revenue rate positively. The zero tariff import policy signed by the National Economic and Development Authority of the Philippines has approved the extension of the Zero Most Favored Nation to introduce the latest evolutions of vehicles in different trade regions; the initiative was designed to expand the services of different emerging markets.

The Expanded Finance Electronic Vehicle Incentives have led to the enhancement of different businesses that have been performing operations to support climate goals and to encourage the local manufacturers of electronic vehicles. The non-fiscal benefits for hybrid owners are designed to boost the local energy supplies within the closer proximity regions.

THE LEADING VARIANTS OF VEHICLES IMPORTED IN THE PHILIPPINES IN 2024

The active participation of the Philippines trade authorities in different free trade agreements and the valuable pricing strategies offered by the e-commerce platforms and other financing authorities have resulted in diversification. According to the Philippines Import Data, the top 10 leading variants of vehicles imported in the Philippines in 2024 are,

  1. Toyota Vios — The total valuation of the units of Toyota Vios imported in the Philippines in 2024–2.12 billion US dollars
  2. Toyota Hilux — The total valuation of the units of Toyota Hilux imported in the Philippines in 2024–1.32 billion US dollars
  3. Mitsubishi Mirage G4– The total valuation of the units of Mitsubishi Mirage G4imported in the Philippines in 2024–876 million US dollars
  4. Mitsubishi Xpander– The total valuation of the units of Mitsubishi Xpander imported in the Philippines in 2024–675 million US dollars
  5. Toyota Wigo — The total valuation of the units of Toyota Wigo imported in the Philippines in 2024–564 million US dollars
  6. Toyota Raize — The total valuation of the units of Toyota Raize imported in the Philippines in 2024–476 million US dollars
  7. Toyota Innova– The total valuation of the units of Toyota Innova imported in the Philippines in 2024–342 million US dollars
  8. Toyota Avanza– The total valuation of the units of Toyota Avanza imported in the Philippines in 2024–242 million US dollars
  9. Toyota Hiace– The total valuation of the units of Toyota Hiace imported in the Philippines in 2024–187 million US dollars
  10. Mitsubishi L300– The total valuation of the units of Mitsubishi L300 imported in the Philippines in 2024–142 million US dollars

THE TOP IMPORT TRADE PARTNERS OF THE PHILIPPINES IN 2024

The Philippines’ stronger bilateral relations with the emerging markets have led to a hike in the import revenue, causing a greater trade deficit in comparison to the exports. According to the Philippines Customs Data, the top 10 import trade partners of the nation in 2024 are,

  1. China — The total annual valuation of vehicles imported in the Philippines from China in 2024–2.12 billion US dollars

Top 5 variants of vehicles imported

a. Toyota Vios

b. Toyota Wigo

c. Toyota Hilux

d. Toyota Innova

e. Toyota Fortuner

2. Indonesia — The total annual valuation of vehicles imported in the Philippines from Indonesia in 2024–1.87 billion US dollars

Top 5 variants of vehicles imported

a. Toyota Avanza

b. Toyota Raize

c. Toyota Rush

d. Toyota Alphard

e. Toyota Corolla Cross

3. Japan– The total annual valuation of vehicles imported in the Philippines from Japan in 2024–1.23 billion US dollars

Top 5 variants of vehicles imported

a. Toyota Camry

b. Toyota Land Cruiser

c. Toyota Yaris

d. Honda City

e. Honda Civic

4. South Korea– The total annual valuation of vehicles imported in the Philippines from South Korea in 2024–1 billion US dollars

Top 5 variants of vehicles imported

a. Honda CR-V

b. Honda HR-V

c. Honda Brio

d. Honda BR-V

e. Honda Jazz

5. United States– The total annual valuation of vehicles imported in the Philippines from the United States in 2024–765 million US dollars

Top 5 variants of vehicles imported

a. Nissan Terra

b. Nissan Almera

c. Nissan Leaf

d. Nissan Patrol

e. Suzuki Ertiga

6. Germany– The total annual valuation of vehicles imported in the Philippines from Germany in 2024–476 million US dollars

Top 5 variants of vehicles imported

a. Suzuki Swift

b. Suzuki Carry

c. Ford Ranger

d. Ford Everest

e. Ford Territory

7. Singapore– The total annual valuation of vehicles imported in the Philippines from Singapore in 2024–342 million US dollars

Top 5 variants of vehicles imported

a. Hyundai Accent

b. Hyundai Santa Fe

c. Hyundai Stargazer

d. Hyundai Staria

e. Hyundai Ioniq 5

8. Thailand– The total annual valuation of vehicles imported in the Philippines from Thailand in 2024–232 million US dollars

Top 5 variants of vehicles imported

a. Kia Sorento

b. Kia Carnival

c. Kia Sonet

d. Isuzu D-Max

e. Isuzu Mu-X

9. Malaysia– The total annual valuation of vehicles imported in the Philippines from Malaysia in 2024–187 million US dollars

Top 5 variants of vehicles imported

a. Chevrolet Tracker

b. Chevrolet Suburban

c. Chevrolet Tahoe

d. Mazda 2

e. Mazda 3

10. Vietnam– The total annual valuation of vehicles imported in the Philippines from Vietnam in 2024–124 million US dollars

Top 5 variants of vehicles imported

a. Mazda BT-50

b. BMW X1

c. BMW X3

d. BMW X5

e. BMW 3 Series

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