Overview of Philippines Trade 2023

The Republic of Philippines is a Southeast Asian nation on the western coast of the Pacific Ocean; the country has a population of 108 million which practices the ethnicities of the rich cultural traditions of its early eras like the Spanish, American, and other Indigenous cultures. The country is home to more than 7,500 islands based in the three geographical divisions Luzon, Visayas, and Mindanao. It occupies a land area of 300,000 square kilometers. It leads to countries like Taiwan, Japan, Palau, Indonesia, Malaysia, Vietnam, and China in the north, northeast, southeast, south, southwest, west, and northwest direction.

The rich history of the nation dates back to the rulers of ancient times such as the Aeta and the Igorot from the pre-colonial times. The effective trade agreements from the government authorities of the Philippines and its strategic location make this country an ideal location for both import and export trades across the globe. The attributing factors of economic growth along with the increased government investment has recorded a GDP of 424.213 billion US dollars in the year 2023 with an import and export trade value of 169 billion US dollars 180 billion US dollars says the Philippines Import Data.

Top Imports and Exports of the Philippines 2023

Imports and exports of the nation account for the maximum revenue generation of the Philippines trade. Both the trade rates are attributed to the annual generated revenue along with the finance and tourist sectors. As per the Philippines Customs Data, the top 10 imports and exports of the nation are discussed below with each of its trade values

Imports

• Electronic products (HS code - 52) – The annual import trade value of Electronic products 2023– 27 billion US dollars.

• Mineral fuels (HS code - 27) – The annual import trade value of Mineral fuels in 2023– is 16 billion US dollars.

• Machinery and Mechanical appliances (HS code - 84) – The annual import trade value of Machinery and Mechanical appliances 2023– 14 billion US dollars.

• Transport equipment (HS code - 52) – The annual import trade value of Transport equipment 2023– 8 billion US dollars.

• Iron and steel (HS code - 72) – The annual import trade value of Iron and steel 2023– 7 billion US dollars.

• Plastic and Plastic articles (HS code - 39) – The annual import trade value of Plastic and Plastic articles 2023– 6 billion US dollars.

• Organic Chemicals (HS code - 29) – The annual import trade value of Organic Chemicals 2023– 5 billion US dollars.

• Medical and Pharmaceutical products (HS code -29) – The annual import trade value of Medical and Pharmaceutical products 2023– 5 billion US dollars.

• Optical and Photographic equipment (HS code - 90) – The annual import trade value of Optical and Photographic equipment 2023– 4 billion US dollars.

• Iron and steel articles (HS code - 73) – The annual import trade value of Iron and steel articles 2023– 3 billion US dollars.

Exports

• Electronic equipment and parts (HS code - 52) – The annual export trade value of Electronic equipment and parts 2023– 41 billion US dollars.

• Machinery including computers (HS code - 84) – The annual export trade value of Machinery including computers 2023– 28 billion US dollars.

• Manufactured goods (HS code - 84) – The annual export trade value of Manufactured goods 2023– 14 billion US dollars.

• Transport equipment (HS code - 52) – The annual export trade value of Transport equipment 2023– 8 billion US dollars.

• Coconut oil (HS code - 15) – The annual export trade value of Coconut oil 2023– 6 billion US dollars.

• Medical/Technical equipment (HS code -90) – The annual export trade value of Medical/Technical equipment 2023– 5 billion US dollars.

• Copper ores and concentrates (HS code - 26) – The annual export trade value of Copper ores and concentrates 2023– 4 billion US dollars.

• Processed food and beverages (HS code - 33) – The annual export trade value of Processed food and beverages 2023– 4 billion US dollars.

• Chemicals (HS code - 29) – The annual export trade value of Chemicals 2023– 3 billion US dollars.

• Fruits and nuts (HS code - 08) – The annual export trade value of Fruits and nuts 2023– 2 billion US dollars.

Top 5 Fascinating Facts of Philippines Trade

The trade rate of the Philippines has been evolving at an exponential rate to record a top position among the global trade holders. The diversified economy is mainly because of the wide range of production units which counters the annual generated economic revenue to a positive extent. As per the Philippines Trade Data, the top 5 fascinating facts of its global trade in 2023 are discussed below,

• Growing Imports – Due to the strategic rise in demands of domestic needs the country has recorded its name as one of the top importers across the globe in 2023 with annual generated revenue of 169 billion US dollars.

• Diversifying Export Markets – The diverse export trade reach of the nation across the globe makes it one of the top global traders. The nation has exported products worth 14 billion, 13 billion, and 12 billion US dollars to the United States, Japan, and China representing a trade share of 16%, 15%, and 14% says the Philippines Export Data.

• Strong Electronics Industry – The huge involvement of electronics in the trade share counters economic revenue to a positive extent. Philippine is one of the largest electronic exporters of Southeast Asia with an export trade value of 41 billion US dollars in 2023.

• Rise of Service Exports – Along with the trade rates of the nation the different service sectors like BPO (Business Process Outsourcing) and tourism are also evolving at a rapid rate accounting for exponential growth in the annual revenue.

• Focus on Agriculture Exports – The fertile land area of the nation along with the mid-arid climate promotes the production rate of the agricultural sector to a great extent. The rate of agricultural exports accounts for a 25% share in the total export trade rate putting a significant impact on the annual revenue.