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.
The Philippines trade data shows the top trade partners of the Philippines are:-
Japan
Hong Kong
The United States
China
Singapore
According to Philippines export data, in December 2020 Philippines exported commodities worth 5.66 billion USD. The export data showed that in 2020 the highest exports were recorded in October 2020 (6.27 billion USD), and the lowest exports were in April (2.84 billion USD). Weakened global demand due to the Covid-19 pandemic has affected exports. Commodities that showed a growth in exports were mineral products, coconut oil, ignition wiring set, aircraft, and ships, etc. Export of the following commodities shrank cathodes, machinery and transport equipment, and gold.
Philippines top exports as per Philippines export data are:-
Gold
Electronic products
Cathodes
Fruits and nuts
Coconut oil
Philippines import data shows that the Philippines imported goods valued at 7.92 billion USD in December 2020. The import trends for 2020 shows that the highest imports were recorded in October 2020 (8.053 billion USD), and the lowest imports were in April (3.28 billion USD). Falling demand saw a decrease in imports of the following products:- mineral oil, lubricants, vehicles, industrial machines, metal products, etc. The imports of the following products iron and steel, electronic products, food, and live animals showed an increase.
As per Philippines import data, the top imports are:-
Electronics
Mineral fuel
Transport equipment
Philippines trade data is used by importers and exporters, shipping companies, and market researchers. They use the data to study and understand import-export business and trends. They use the data to expand their business and look for new buyers and suppliers.
