philippines export import
02-Jun-2023
The country of the Philippines is situated on the Asian continent in Southeast Asia. The capital of the nation is called "Manila," and it is one of the Philippines' major ports where regular international trade occurs. Also, it is known as the archipelago as it consists of various islands, and the whole territory is surrounded by water bodies from almost all directions. In this blog, we will discuss about the top export products of the Philippines and its trading major trading partners in detail.
International trade is important in the Philippines for several reasons. Firstly, it provides opportunities for economic growth and development. By engaging in trade with other countries, the Philippines can tap into larger markets for its goods and services, expanding its customer base beyond the domestic market. This allows Filipino businesses to increase their production, generate more revenue, and create employment opportunities, thus stimulating economic activity and reducing poverty. However, there are several reasons why international trade is important in the Philippines.
However, international trade plays a crucial role in the Philippines by driving economic growth, enhancing competitiveness, attracting investment and technology, and fostering diplomatic relations. By actively participating in global trade, the Philippines can harness the benefits of globalization and position itself as an important player in the global economy.
Both domestic and international markets gain from exporting. Additionally, import and export activities boost local economies in their respective regions by creating much-needed jobs. Additionally, exporting is advantageous for both exporters and importers in terms of learning. The ability to increase your trust in the Philippine market is another advantage of exporting. Perception is the fundamental reason behind this. Many local clients may regard your products to be of great quality if they are export-grade. Exporting to nations like Germany, Japan, Singapore, South Korea, and the United States, which are not only among the Philippines' top trading partners but also renowned for their high standards of quality when it comes to imports, would further boost your credibility.
The country's overall external trade in products totaled USD 17.98 billion in March 2023, down -5.1 percent annually from its level of USD 18.95 billion in the same month the year before according to Philippines Export Import Data. Its annual decline in February 2023 was -14.2 percent, whereas its annual growth in March 2022 was 16.2 percent. However, 163.7 percent of the total products traded internationally in March 2023 were imported, with the remaining goods being exported.
The Philippines' total export sales in March 2023 amounted to USD 6.53 billion, showing a slower decline at an annual rate of -9.1 percent from a decrement of -18.1 percent in the previous month. In March 2022, the total export sales increased at an annual rate of 6.0 percent according to Philippines Export Data.
The Philippines traded goods worth USD 74.61 billion to individuals all over the world in 202-22, according to the Philippines Export Data. The following were the main goods exported from the Philippines in 2021-22, according to officials, the Philippines Trade Data, these are the top 10 export products of the Philippines.
So, According to the Philippines Import Data for the year 2021-22, the aforementioned products are the top 10 imports to the Philippines and account for the majority of those imports. In addition to these top 10 products, 2021 saw small imports of meat, organic chemicals, dairy products like eggs and honey, and copper items.
According to the Philippines trade data, these are the major partner of the Philippines in 2021-22:
So, these are the top ten export destinations for the Philippines' USD 74.61 million in total exports in 2021-22 were all of the countries listed above. However, if you need accurate statistics on the Philippines, you can visit our PhilippinesImportData.com platform to gain real-time export-import data of the Philippines very efficiently.
Philippinesimportdata.com is one of the finest resources for learning about pharmaceutical importers; you can also learn about the best export-import information by speaking with the top market research firm and the top Philippines Import Data supplier. We are professionals in providing a trustworthy and accurate list of Export Data Philippines. The export data that the Philippine customs department compiles is based on the bills of entry that importers and buyers have submitted.
Also included in the Philippines Import Export Data, is the Importer's Name, Address, Phone, Email, HS codes, Product, Price, Quantity, and Country of Origin. However, these helpful details give foreign suppliers the ability to research domestic importers and customers. If you require any additional assistance with Philippine Trade Data, Connect with us right away if you're a marketer or trader who wants to rapidly increase your company's sales in nations like the Philippines. To schedule a hassle-free free live demo, connect right away.
