Philippines All relevant Import and Export Statistics that you Must Know

Philippines Import Export Data shows that exports of goods and services are 31.68% of the GDP. Imports of goods and services are 4437% of the GDP. The archipelago country is located in the Southeast Asia. The economy is predominately agriculture. The manufacturing started to grow in the country in the 1950s and 1970s. Presently the sector contributes 1/4th of GDP.

The country was one of the five member countries in ASEAN in 1967. The country has the 33rd largest economy in the world. The Philippines Import Data shows that exports of goods and services are 31.68% of GDP. Imports of goods and services are 44.37% of the GDP.

Imports of the Philippines expanded 21.5% year on year to USD 12.14 billion in July 2022 after an upwardly revised 26.3% increase in April. As per Philippines Export Data, the total exports recorded 6.2 USD billion in July 2022, compared with 6.6 USD billion June 2022.

The Philippines import export data is collected from custom ports across the archipelago. The data contains information contained in the documents as the bill of lading, invoices, and other documents submitted to the custom authorities.

The information contained in the import export data is

1. Date

2. Product description with the corresponding HS codes

3. Name of the exporters and importers

4. Unit quantity and total quantity 

5. Port and country of origin

6. Destination country and port

Traders who deal with Philippines use the data to formulate their business plans and strategy and to analyze consumption patterns. They can predict changes in customer preferences and make informed decisions.

Exporters can look for new clients and importers can look for alternatives to procure merchandise. The data also helps the exporters to fix accurate price for their products. Importers can also use the data to negotiate better. Logistics companies can use the database to look for new clients.

Government and statistical bodies analyze the data to find out their main trading partners. The data helps agencies identify the major products traded by Philippines. The government can use the import export data to ascertain the income earned through custom duties. The import export data is the base for trade negotiations between countries. The Philippines can give preferential treatment to its major trade partners.

The top 10 import of the Philippines in 2022 are

1. Electrical Machinery and Equipment (28.5%)

2. Machinery (10.1%)

3. Mineral fuels and oils (8.8%)

4. Vehicles (5.6%)

5. Iron and steel (3.6%)

6. Plastics (3.4%)

7. Cereals (2.9%)

8. Optical photography and Medical equipment (2.1%)

9. Articles of Iron and steel (1.9%)

The top 10 import partners of Philippines in 2022 were

1. China

2. Japan

3. United States

4. South Korea

5. Indonesia

6. Singapore

7. Thailand 

8. Taipei

9. Chinese

10. Malaysia

11. Vietnam

Top 10 exports of Philippines in 2022

1. Electrical Machinery & Equipment (49.7%)

2. Machinery (14.9%)

3. Edible Fruits and Nuts (3.5%)

4. Optical Photographic medical equipment (2.8%)

5. Ores Slag and Ash (2.7%)

6. Copper and articles (2.7%)

7. Pearls and Precious stones (2.1%)

8. Vehicles (1.4%)

9. Animal or vegetable fats and oils (1.4%)

10. Plastics (1.4%)

Top 10 export partners of Philippines in 2022

1. Japan

2. United States

3. China

4. Hong Kong

5. South Korea

6. Germany

7. Taipei

8. Chinese

9. Netherlands

Analyzing the export data it is estimate that 67.7% of the exports were to other Asian countries. North America accounted for 16.3% of total exports and 12.5% of commodities were transported to Europe

Exports from the country dropped by 4.2% to USD 6.21 billion in 2022 after a rise in June. This was the first decline in shipments since 2021 amid weakening foreign demand due to rising in pandemic in some countries, ongoing supply chain issues and a rise in inflation globally.

Exports in Philippines account 1/3rd GDP. Major exports are electronic products, other manufacturers, woodcrafts and furniture. Philippines is also world’s largest producer of coconut, pineapple and abaca.

Import and export procedures

Philippines exports and imports reach almost USD $80 billion annually. Some of the country’s high volume import and export partners include China and Japan.

Export procedure

1. Obtain import data

2. Do the documentation thoroughly

3. Recognize limitations

4. Establish appropriate logistics partners

5. Delivery

Import procedure

1. Documentation

2. Clearance of documents 

3. Certificate of analysis

4. Taxes and Tariffs

5. Acquiring of import license

Analysis on’ How to expand your business to Philippines’ using export import data-

1. Hire professional data service provider: The very first step you need to take is to hire a good data service provider. They provide data inputs that contain key information like HS code, custom data, trade data, competitor’s information, destination and origin country and more so that businesses can make informed decisions.

2. Research the overseas market: Before expansion it is important that you collect the primary and secondary data of the market of the country where you are planning to do the expansion. The data help you get key information about customer preferences, products preferred by them, their brand loyalty, number of competitors, price charged etc. Besides dispatching a market observation team, have some of your best minds spend time with the locals to learn their culture and establish connections.

3. Funding and customer base: The very next thing you need to ensure is of having enough funding to be able to expand your business from the local or national level to a wider global scale.

4. Find the right business partners: You will have a team or contacts in Philippines. This is important as you cannot be everywhere at once. Having a team in each country you plan to expand will ensure that your import export business runs smoothly without you having to be constantly on call.

5. Being available across time zones: Customer service support is the pillar to your business success. Set up a remote office in Philippines with the local speakers in different areas to ensure your customers have no issues.

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