THE EXCLUSIVE REPORT ABOUT THE PHILIPPINES AND SINGAPORE BILATERAL TRADE BROUGHT TO YOU BY TRADEIMEX

RELATIONSHIP CHECK BETWEEN THE PHILIPPINES AND SINGAPORE

Bilateral trade between the two countries started first in the year 1969 and the embassies of both nations were set up in each other’s nations. Singapore is considered one of the most valuable and crucial partners of the Philippines in terms of international trade and both nations are members of APEC and also the founding countries of the ASEAN group.

The bilateral trade relations between Singapore and the Philippines have grown several folds from the year they have begun. The strength of various markets has also gone up by several folds in the areas like trade and investment, cultural exchanges, and defense cooperation.

The economic cooperation between both nations is just outstanding. The economy of both nations has shot up and is continuing to grow further. You would be surprised to know that as per the Philippines Trade Data for the year 2021, Singapore was the 5th most favorite trading destination of the Philippines. 2 years back when the whole world was suffering because of the pandemic, the total bilateral trade between Singapore and the Philippines clocked USD 11.15 billion which was an increase of 18.5% from USD 9.4 billion in the year 2020. Singapore became the biggest nation for investment in the Philippines.

To celebrate the journey of this successful bilateral trade, the 50th bilateral trade anniversary of Singapore and the Philippines was celebrated in the year 2019. Many events were held during this celebration that showcased the political strength and harmony between both countries.

 

 

 

 

PHILIPPINES TRADE DATA REPORT WITH SINGAPORE (2017-21)

Below mentioned is a statistical table with respect to the Philippines Export Data and Philippines Import Data to and from Singapore in the last 5 years.

PHILIPPINES TRADE DATA WITH RESPECT TO SINGAPORE (2017-2021)
YEAR	PH > SINGAPORE	SINGAPORE > PH	REMARKS
2017	USD 3.86 billion	USD 5.75 billion	Trade Deficit
2018	USD 4.23 billion	USD 6.31 billion	Trade Deficit
2019	USD 3.82 billion	USD 6.75 billion	Trade Deficit
2020	USD 3.75 billion	USD 5.64 billion	Trade Deficit
2021	USD 4.19 billion	USD 7.24 billion	Trade Deficit

 

From the above-mentioned table, it is quite clear that the bilateral trade between the two countries is on a rise but at the same time, the trade deficit for the Philippines is also rising every year which should be an alarming signal for the official trade authorities of the Philippines. They should try to balance the Philippines Trade Data by boosting exports and bringing imports down.

WHAT THE PHILIPPINES EXPORTS THE MOST TO SINGAPORE – 2O21

Not one, not two, but almost all kinds of products are imported by Singapore from the Philippines and the Philippines Export Data mentions the top 06 products out of all that were exported the most from the Philippines to Singapore in the year 2021. They are as follows:

·        Electric Machines (USD 3.40 billion)

·        Mechanical items and nuclear reactors (USD 292.86 million)

·        Optical, photographic, and precision tools (USD 123.12 million)

·        Ores and ash (USD 75.79 million)

·        Tobacco and its substitutes (USD 42.85 million)

·        Light motor vehicles like cars and bikes (USD 33.83 million)

From the above-mentioned top 6 commodities, the major contribution is electric machines which are about 83% of total exports from the Philippines to Vietnam as per the Philippines Export Data 2021.

 

WHAT THE PHILIPPINES IMPORTED THE MOST FROM SINGAPORE – 2021

From tons of products and items, the top 06 items that were imported the most to the Philippines from Singapore as per the Philippines Import Data 2021 were as follows:

·        Electric Machines (USD 2.63 billion)

·        Mineral fuels and oils (USD 1.45 billion)

·        Mechanical appliances and products (USD 832.59 million)

·        Edible food items (USD 354.36 million)

·        Plastic items (USD 321.13 million)

·        Optical and precision tools (USD 313.61 million)

From this list, we can clearly see that the demand for electric machines is very high in the Philippines and the country is not able to fulfill it. As a result, it is importing the same from Singapore the most which is almost 37% of total imports to the Philippines according to the Philippines Import Data 2021.

CONCLUSION

In the end, we would definitely like to mention that for sure there is a bright future waiting for this bilateral trade relationship between the Philippines and Singapore which will bring more increased exports and imports. Just like the trade between them is growing year after year, it is advisable that the Philippines should also start lowering its trade deficit to at least come to the break-even point.

QUICK GLANCE OVER TRADE RELATIONS BETWEEN TURKEY AND SINGAPORE

Turkey is also not so far from the Philippines in regard to trade with Singapore. According to Turkey Import Data for the year 2022, Turkey imported goods worth USD 473.36 million from Singapore. On the other hand, Turkey also exported goods to Singapore which were worth USD 888.52 million, and hence registered a trade deficit as shown in Turkey Trade Data 2022.

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