The Philippines is an archipelago in South-East Asia. It is surrounded by the Pacific Ocean. Philippines are the 32nd largest economy in terms of GDP. It has the 3rd largest economy in Southeast Asia after Indonesia and Thailand. It has a dynamic economy. The headquarters of ASEAN is in Manila. According to Philippines Trade Data, the Philippines exports 2865 products from 203 countries and imports 4335 products from 194 countries. The country has a trade deficit of $449 million.
The Philippines import-export data shows Philippines major trading partners are:-
- The United States
- South Korea
Philippines import-export data is based on shipping bills, bills of lading, and other documents that are integral to the import-export business. The data is collected from port authorities, shipping companies, and government departments. The import-export data contains:-
- Date of shipment
- HS Code and product description
- Quantity and the total quantity of shipment
- FOB Value
- Destination port and country
- Port of origin and country
- Importer and exporter details
- Transportation mode
Studying import data Philippines, we learn the Philippines imported 8 billion dollars in September 2020. The total import of data in the first semester of 2020 was $39.19 billion. The top import products were:-
- Mineral fuels, lubricants, and related material
- Transport equipment
- Industrial material and equipment
- Miscellaneous Manufactured material
- Iron and steel.
Analysis of Philippines import data revealed that mineral fuel, lubricants, and related material fell by 46.4%, transport equipment fell by 43.1%, and industrial material and equipment fell by-34.3%.
According to the export data Philippines showed Philippines exports in the first trimester of 2020 was $28.48 billion. The country exported $6.2 billion in October 2020. The top export products were:-
- Other mineral product
- Electronic product
- Cathode and section cathode
- Other manufactured goods
The Philippines export data showed a significant drop in metal components (-39.4%), ignition wiring set (-34.3), chemical (-34%), and Machinery and Transport equipment (-25.5%). The top gainers in exports were other mineral products (19.4%) and cathodes and sections of the cathode (1.7%).