Rare Mineral Essentials Import of Philippines: The Trade Analysis of 2024

The Philippines and Southeast Asia, alongside the western Pacific Ocean, sharing borders with South China, Philippine Sea, and Taiwan in the west, east, and north directions, have recorded themselves as a leading importer of rare mineral essentials in the international trade market. Philippines Export Data says that the decline in the domestic oil and gas production due to the depletion of topmost offshore gas fields like Malampaya, contributing up to 20–30% of the gas supply, has led to an increase in the import revenue. The surge in gas-fired electricity generation due to the installation of gas-fired power in new coal projects has led to an increase in the domestic oil and gas production, resulting in an increase in demand for natural gas to meet the energy needs.

The accelerated LNG imports amid the transition to energy have increased the flexibility of the domestic purchases. The energy strategy and planning environment, as per the growth rate, consumer demands, and increasing trade strategies, has led to an import trade value of rare mineral essentials worth 19 billion US dollars in 2024. Subscribe to Import Globals, the import export data provider, to stay updated with the latest valuation of rare mineral essentials imported in the nation via the Philippines trade data.

POLICY REFORMS BY THE GOVERNMENT AUTHORITIES SUPPORTING THE IMPORT OF RARE MINERAL ESSENTIALS IN THE PHILIPPINES IN 2024

The extension of Malampaya Gas Contracts and Exploration Auctions was recently introduced by the government authorities of the Philippines to address the need for supplementary LNG imports via new infrastructure and fuel sourcing. The Republic Act 12120, the Philippine Natural Gas Industry Development Act, was initiated as a legal framework for natural gas imports. It has enabled the growth of the import infrastructure with value-added tax exemptions on indigenous gases, streamlining the valuation of imports as per the global standards.

The support for aggregated LNG procurement has led to voluntary aggregation of LNG purchases by importers. This has improved the consistency of supply over the seas as per the growing consumer demand. The moratorium on new coal power projects has accelerated the construction of LNG-fired power plants, representing the ongoing demand rate of the consumer-based sectors of the Philippines.

THE LEADING VARIANTS OF RARE MINERAL ESSENTIALS IMPORTED IN THE PHILIPPINES

The Philippines has been a top importer of rare mineral essentials due to the crucial role played by the specific commodity in the industrial sectors. As per the Philippines Import Data, the top 10 leading variants of rare mineral essentials imported in the nation in 2024 are,

  1. Petroleum oils — The annual valuation of Petroleum oils imported in the Philippines in 2024–8.76 billion US dollars
  2. Crude petroleum oils — The annual valuation of Crude petroleum oils imported in the Philippines in 2024–6.25 billion US dollars
  3. Petroleum gases– The annual valuation of Petroleum gases imported in the Philippines in 2024–4.78 billion US dollars
  4. Coal — The annual valuation of Coal imported in the Philippines in 2024–3.81 billion US dollars
  5. Bituminous mixtures — The annual valuation of Bituminous mixtures imported in the Philippines in 2024–2.76 billion US dollars
  6. Petroleum coke– The annual valuation of Petroleum coke imported in the Philippines in 2024–2.12 billion US dollars
  7. Bitumen and asphalt — The annual valuation of Bitumen and asphalt imported in the Philippines in 2024–1.87 billion US dollars
  8. Petroleum jelly– The annual valuation of Petroleum jelly imported in the Philippines in 2024–1.65 billion US dollars
  9. Paraffin wax– The annual valuation of Paraffin wax imported in the Philippines in 2024–1.21 billion US dollars
  10. Lignite or peat– The annual valuation of Lignite or peat imported in the Philippines in 2024–1 billion US dollars

THE TOP 10 IMPORT TRADE PARTNERS OF THE PHILIPPINES IN 2024

The Philippines, with its strong integration with the nearby trading destinations, has maintained stability in the bilateral relationship. According to the Philippines Customs Data, the top 10 import trade partners of the nation for rare mineral essentials in 2024 are,

  • China — The total trade value of Rare mineral essentials imported in the Philippines from China in 2024–6.54 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Light crude oil

2. Medium crude oil

3. Heavy crude oil

4. Sweet crude oil

5. Sour crude oil

  • Indonesia — The total trade value of Rare mineral essentials imported in the Philippines from Indonesia in 2024–5.43 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Brent crude

2. West Texas Intermediate (WTI)

3. Dubai crude

4. Bonny Light crude

5. Urals crude

  • Japan — The total trade value of Rare mineral essentials imported in the Philippines from Japan in 2024–4.78 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Gasoline (petrol)

2. Premium unleaded gasoline

3. Regular unleaded gasoline

4. Aviation gasoline (avgas)

5. Diesel fuel

  • Republic of Korea — The total trade value of Rare mineral essentials imported in the Philippines from the Republic of Korea in 2024–3.24 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Automotive diesel oil (ADO)

2. Ultra-low sulfur diesel (ULSD)

3. Marine diesel oil (MDO)

4. Jet fuel (Jet A-1)

5. Kerosene

  • United States — The total trade value of Rare mineral essentials imported in the Philippines from the United States in 2024–2.87 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Heating oil

2. Naphtha

3. Fuel oil (residual)

4. Heavy fuel oil (HFO)

5. Light fuel oil (LFO)

  • Singapore — The total trade value of Rare mineral essentials imported in the Philippines from Singapore in 2024–1.65 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Marine fuel oil (bunker fuel)

2. White spirit

3. Mineral turpentine

4. Lubricating oils

5. Hydraulic oils

  • Thailand — The total trade value of Rare mineral essentials imported in the Philippines from Thailand in 2024–1.21 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Liquefied natural gas (LNG)

2. Liquefied petroleum gas (LPG)

3. Propane

4. Butane

5. Isobutane

  • Malaysia — The total trade value of Rare mineral essentials imported in the Philippines from Malaysia in 2024–1.09 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Ethane

2. Methane

3. Natural gas liquids (NGLs)

4. Compressed natural gas (CNG)

5. Syngas (synthetic gas)

  • Vietnam — The total trade value of Rare mineral essentials imported in the Philippines from Vietnam in 2024–1 billion US dollars

Top 5 variants of Rare mineral essentials imported

1. Anthracite coal

2. Bituminous coal

3. Sub-bituminous coal

4. Lignite (brown coal)

5. Peat

  • Taiwan — The total trade value of Rare mineral essentials imported in the Philippines from Taiwan in 2024–987 million US dollars

Top 5 variants of Rare mineral essentials imported

1. Oil refinery residues

2. Slop oil

3. Sludge oil

4. Asphaltic residues

5. Tar sands oil

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