THE PHILIPPINES – SOUTHEAST ASIAN ISLAND NATION OF THE WORLD

The Philippines is one of the island countries of the world also known as the archipelago as it consists of numerous islands and the whole territory is surrounded by water bodies from almost all directions. The western part of the Pacific Ocean is mainly occupied by the Philippines. The economy of the country was initially run by the agricultural sector and later in the years the 1950s and 1970s, manufacturing also started to grow and flourish across the nation. As of now, the agriculture sector has a one-fourth stake in the total GDP of the Philippines.

If we talk about the agreements and contributions of the nation in various trade deals, then we would like to mention that the Philippines has been a part of the ASEAN group since 1967 and a part of the WTO since 1995. Moreover, the Philippines has signed various agreements with different nations across the globe like the General trade agreement on trade and tariffs with the United States. In the year 2023, the economy of the Philippines was declared the 33^rd largest and biggest economy in the whole world. The Philippines imported goods worth a total of $145.48 billion in 2023. In 2023, The value of goods imported into the Philippines decreased by $13.41 billion as compared to the previous year. The major imports of the Philippines in 2023 include electrical machinery and equipment ($32.54 billion), mineral fuels and oils ($25.75 billion), nuclear reactors and machinery ($11.84 billion), vehicles ($8.78 billion), and Iron and steel ($5.23 billion). The top import partners of the Philippines in 2023 include China ($29.79 billion), Indonesia ($13.93 billion), Japan ($13.08 billion), South Korea ($12.73 billion), and the USA ($9.69 billion). Let us take a closer look at the Philippines' top 10 import products in 2023.

TOP 10 IMPORT PRODUCTS TO THE PHILIPPINES

Being an emerging nation and a country with a population of almost 11.4 crores, the Philippines is importing various goods to satisfy the needs and demands of its citizens. As per the customs database for the imports of the Philippines, with a value of $32.54 billion, electronic machinery and equipment were the top imported goods into the Philippines in 2023. The Philippines imported products for the year 2023, had a total value of $145.48 billion. The major items that were imported from the world to the Philippines in 2023 were:

1. Electronic machinery and equipment: 22.31% ($32.54 billion)
2. Mineral fuels and mineral oils: 17.65% ($25.75 billion)
3. Nuclear reactors, machinery, and mechanical appliances: 8.12% ($11.84 billion)
4. Vehicles: 6.02% ($8.78 billion)
5. Iron and Steel: 3.59% ($5.23 billion)
6. Plastics and articles thereof: 3.14% ($4.57 billion)
7. Cereals: 2.97% ($4.32 billion)
8. Optical, measuring, medical, and surgical instruments: 2.09% ($3.04 billion)
9. Prepared animal fodder: 1.91% ($2.79 billion)
10. Pharmaceuticals: 1.85% ($2.70 billion)

The imports of the above-mentioned goods are the most to the Philippines and they are considered as the top 10 importing goods to the Philippines for the year 2023.

Apart from these top 10 products, some other items that were imported in small quantities in 2023 were meat, organic chemicals, dairy items like eggs and honey, and copper items.

TOP 10 IMPORT PARTNERS OF THE PHILIPPINES

So, we have learned about the top import products to the Philippines from the world, in this section, we are going to mention the major import partners of the Philippines from whom the products are bought the most. The top 10 import partners of the Philippines in 2023 are as follows:

1. China: 20.4% ($29.79 billion)
2. Indonesia: 9.6% ($13.93 billion)
3. Japan: 9% ($13.08 billion)
4. South Korea: 8.72% ($12.73 billion)
5. USA: 6.64% ($9.69 billion)
6. Singapore: 5.79% ($8.46 billion)
7. Thailand: 5.24% ($7.65 billion)
8. Chinese Taipei: 4.86% ($7.09 billion)
9. Malaysia: 4.57% ($6.68 billion)
10. Vietnam: 3.27% ($4.77 billion)

Out of the total imports of the Philippines in the year 2023, which was $145.48 billion, the majority of imports were made from the above-mentioned 10 nations. We are hoping to see more increment in these figures in the upcoming years but with the pace of exports too to maintain a positive trade balance.

Statistical comparison of the total Philippines imports

CONCLUSION

As we move towards the end of this blog, we want to state that the Philippines is an emerging nation with rapid growth in its trade, infrastructure, and healthcare facilities. It is a bit obvious that the demands of its citizens would grow as they also want change like the rest of the world. So, now the higher officials must maintain the trade surplus of the country to prevent it from going into deficit. For more information about the top Imports in the Philippines,  contact us and get all your questions answered.

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