PHILIPPINES TRADE MARKET DECODED – HERE ARE SOME JUICY DETAILS FOR YOU

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The Philippines is one of the island countries in the world that is situated in Southeast Asia in the western part of the Pacific ocean. The country consists of 7000 islands and an island named ‘Luzon’ is considered the country’s biggest island.

A major part of the country’s economy is fulfilled through the agricultural sector. This sector alone contributes almost 1/7th of the total country’s GDP. Rice is considered the major crop and is grown in several parts of the country. Based on the Philippines Export Data of the past various years, it gets very clear that the Philippines is one of the largest exporters of coconuts in the world.

PHILIPPINES MARKET ANALYSIS

In the year 2021, the economy of the Philippines went up by 5.7% which was more than projected by the government, i.e., 5.3%. The country’s Gross National Income was close to USD 3500 in 2021, which was lower than the upper-middle-income group limit of the world bank (USD 4,096-USD 12,700).

The GDP of the nation also grew by almost 8.3% during the first three months of 2022. The GDP of the Philippines that we derived after studying the Philippines Trade Data for the first 3 months of 2022, then it was worth USD 88 billion surpassing the value of 2019.

Moving forward, when we study the Balance Of Payments (BOP) status of the nation, then we get to know that the country in 2022 collected a trade surplus that was lower than that of 2021 by USD 1.3 billion. The current account of the country also showed a deficit of USD 7 billion because of the reopening and re-establishment of the companies again after the pandemic. The Philippines' export Data showed a reduction of 12.5% whereas the Philippines Import Data showed growth of USD 31.8 billion.          

According to the latest Philippines Import Data for the month of August 2022, the largest countries from whom the Philippines imported goods were:

·        China (USD 2.7 billion)

·        Indonesia (USD 1.34 billion)

·        Japan (USD 1 billion)

·        Korea (USD 940 million)

·        Singapore (USD 852.3 million)

In a similar manner, the Philippines Export Data for the month of August 2022, the largest countries to whom the Philippines exported its domestic goods were:

·        The United States (USD 1.6 billion)

·        Japan (USD 902.6 million)

·        China (USD 800 million)

·        Hong Kong (USD 770.54 million)

·        Singapore (USD 425.6 million)

It has been clearly observed that in the month of July 2022, the major exports from the Philippines were to the Asia-pacific countries. This was then followed by the countries of East Asia, and then Southeast Asian countries.

CONCLUSION

We hope that after studying these small and useful insights about the Philippines market, you would be in a position to determine if the market of the Philippines is the best fit for your product or not. If yes, then contact us today and grab the Philippines Trade Data report from us and start building your unique strategy, but if not, then don’t worry. We have databases of various countries for you so that you get the best fit as per your product type. So, hurry and start your international trading career with us.

REACH OUT TO US FOR ANY QUERY

If you want further analysis and the best advice about Turkey's Import Data or the Philippines' Export Data or the 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 Turkey Export Data and Vietnam Import Data at affordable prices. We sell customized databases to our clients which are designed as per each customer’s needs and preferences.

 

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