GROWTH OF AUTOMOBILE INDUSTRY IN PHILIPPINES – PHILIPPINES TRADE DATA

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 Before diving into the contribution of the automobile industry to the total trade of the nation, let’s start from the beginning and understand how the automobile industry dominated the Philippines Trade Data as a whole. The automotive industry of the Philippines is regarded as one of the best industries in the Asia-Pacific region which accounts for nearly 273.4 thousand vehicles sold in the year 2019. Just like every ASEAN country, the Philippines acquires vehicles manufactured by Japanese Manufacturers. There are mainly two sectors in the Philippines automobile industry namely, motor vehicle assembly and manufacturing of vehicle parts and components.

RECENT TRENDS IN PHILIPPINES EXPORT DATA - AUTOMOBILE INDUSTRY

As per the Philippines Export Data for the year 2020, the Philippines exported automobiles worth USD 13.7 million across the globe. By doing so, the nation secured its 69th rank as the largest exporter of cars as compared to other countries in the world. In the year 2020 only, An update from the Philippines Trade Data mentioned that cars became the 267th commodity that was exported from the Philippines to other parts of the world.

The main export partners of cars from the Philippines as per Philippines Trade Data for the year 2020 are:

·        Pakistan (USD 9.93M)

·        South Korea (USD 1.55M)

·        The United Arab Emirates (USD 341K)

·        Indonesia (USD 290K)

·        Thailand (USD 560M)

Philippines Export data has revealed that its major accomplice or major potential market is South Korea and the UAE. Thailand is also on the list.

 

 

PHILIPPINES IMPORT DATA – AUTOMOBILES INDUSTRY

According to Philippines Import Data for the year 2020, the country imported automobiles worth USD 2.16 billion. With this, the country became the 40th biggest importer of cars in the world. Also, cars became 5th most imported commodity in the Philippines, as disclosed by Philippines Import Data for that year. The major import partners of the nation with respect to automobiles were:

·        Indonesia (USD 1.08 billion)

·        Thailand (USD 560 million)

·        China (USD 172 million)

·        Japan (USD 116 million)

·        Germany (USD 59.7 million)

As per Philippines Import Data for the same year, it was noted that the import market in cars is the fastest growing market in Germany, Slovakia, and Canada.

 

LATEST INSIGHTS ABOUT PHILIPPINES TRADE DATA

New statistical numbers are shared by the Philippines Trade Data for the month of August 2021 which tells that the country experienced a negative trade balance of close to USD 172 million. This happened because the Philippines Export Data declined as compared to the Philippines Import Data in the same year.

In the month of August 2021 Philippines Export Data presented a report where it was clearly seen that the Philippines exported cars mostly to Israel, the USA, South Korea, and the Netherlands. While, if we refer to Philippines Import data then it is clearly depicted that country mostly imported cars from Indonesia, Thailand, Japan, and China.

MAJOR TAKEAWAY

After studying everything about the automobile industry that what is its contribution to the Philippines Trade Data and how the dominance of this industry is increasing every year, it is evident that in the upcoming years also the automobile industry will be increasing in the Philippines in terms of export and import. If we refer to the statistics presented in the month of August 2021, then the primary reason for the growth was due to rising imports from China, the UK, and the USA.

In a similar manner, the Philippines will become an emerging country as the biggest trader of automobiles in the coming years. Other than new automobiles, the used car sector is also having the potential to grow in the future by several folds. This will also give a significant boost to the Philippines Trade Data in years to come.

WHAT WE SUGGEST YOU

If you want further analysis and the best advice about the Philippines Trade Data or Import Export Data or Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including the Philippines Export Data and the Philippines Import Data at affordable prices. TradeImeX also provides highly customized databases that are made and designed as per the customer’s requirements.

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