TOP STORIES OF THE WEEK ABOUT PHILIPPINES TRADE DATA

TOP STORIES OF THE WEEK ABOUT PHILIPPINES TRADE DATA

ALL ABOUT THE PHILIPPINES IN BRIEF

The Philippines, now officially known as the Republic of Philippines is a country that is situated in southeast Asia. With a land area of 300,000 square kilometers, the country inhabits 10.96 crores of people which makes it the 13^th most populous country in the world. The Philippines shares its borders with multiple countries, namely, Taiwan, Japan, Palau, Indonesia, Malaysia, Vietnam, and China in all directions.

AMAZING AND KILLER FACTS ABOUT PHILIPPINES TRADE DATA THAT YOU HAVEN’T HEARD TILL NOW

In this article, we are going to share some awesome and accurate statistics from the Philippines trade data that will help marketers and traders who are associated with international trading to a very large extent. After getting through these statistics derived from Philippines trade data they can make a very accurate and to-the-point decision on whether they should target the Philippines market now or should wait for some time. So, without wasting any time, let’s dive into some exotic facts and figures about the Philippines.

The first insight that we are going to share is about the economic growth rate and trends of the Philippines market. So as per Philippines trade data the economy of the Philippines has shown a growth of 5.7% in 2021 as compared to the year 2019 which beats the country’s government estimate of 5.5%. Although the country faced a recession during the pandemic situation in the year 2020 it has started recovering and growing rapidly since then. The Philippines is the 2^nd fastest growing economy after the pandemic in ASEAN.

This positive trend in the economy as presented by Philippines trade data motivates the officials and as a result, they expect the GDP of the country to rise by 7-8% in 2022.

Now, if we talk about the Balance of payments (BOP), the country yielded less in 2021 as compared to 2020 by $1.3 billion. Currently, there is a deficit of USD 6.9 billion due to this shortfall. If we focus on the numbers that are shown in the Philippines Import data then we can notice that there is a growth of 12.4% in exports and a growth of 31.7% in imports. Moreover, the stock market of the Philippines showed a decline of 0.2% in the year 2021 due to uncertainties in the market because of the COVID-19 pandemic.

Let’s now focus on the FDI of the Philippines. The country experiences a 54% growth in Foreign Direct Investments after a continuous decline for three years. As of now, the Philippines ranks 48 in competitiveness ranking in the world but is behind Asia-pacific partners due to a lack of economic assets.

You might know that the Philippines is continuously associated with the United States for bilateral trade. If we refer to the Philippines Export data then it is evident that this bilateral trade is grown by 23.4% by the year 2021 amounting to $23.3 million. A sharp decline of 11.4% was observed in the year 2019 due to the lockdown.

Now, Philippines trade data clearly shows that the United States was the Philippines’ fifth biggest country supplier in 2021 holding a share close to 6.6% of imports. As per Philippines trade data, the biggest import partners of the Philippines were China with a share of 22.7%, and Japan with a share of 9.4%. Philippines Export data also presents that the biggest export partner of the Philippines, i.e., the United States holds a share of 15.9% of all exports done in the year 2021. The next biggest export partner was China accounting for 15.5% of the export market of the Philippines.

FINAL VERDICT

This is surely not the end of what all we want to share about Philippines export data with you all, but for this time, this is all from our end and we hope that you surely got some strong insights and information about the current status of Philippines’ economy, its statistics, FDI, BOP, and some major import and export partners. If you ask if, is it the right time to trade and target the Philippines market, then we would suggest that you should wait for some time and examine the situation more. This is because, after the pandemic, every market is trying and striving hard to become as it was before and working for the same rigorously.

 

 

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If you want personalized analysis and guidance about import-export data or global trade data of any country, then get in touch with TradeImeX® Info Solution Private Limited. We are one of the leading import-export data services providers online in India. TradeImeX® Import-export data provider strives to deliver accurate global trade data to people of more than 70 countries. We deal in providing best-in-class advice in identifying the potential market as per the products and services and hence, help businesses to skyrocket their sales and profits and take them to the next level.

 

 

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