The Philippines is an archipelago in Southeast Asia. It is surrounded by the South China Sea, the Philippines Sea, and the Celebes Sea. The Philippines has a developing market economy and is called a newly industrialized country. Today the dynamic economy is bolstered by a large middle class and young population. It is one of the founding members of both ASEAN and the WTO. The Philippines trade data indicates the trade deficit in 2020 reduced to 21.84 billion USD from 40.64 billion USD in 2019.

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