PHILIPPINES IMPORT DATA

In today's globalized world, transnational trade plays a vital part in the profitable growth of a nation. The Philippines is a major player in transnational trade, with a long history of transnational marketable exertion. As a member of the Association of Southeast Asian Nations (ASEAN), the Philippines is a major contributor to the region's trade and investment conditioning. According to the Philippines import data, in 2022, the Philippines imported goods worth a total of $145 billion. Imports of goods into the Philippines increased by 17.2% from 2021 to 2022. The value of goods imported into the Philippines increased by $ 21 billion in 2022 (it was $124 billion in 2021). Let’s dive into the Philippines' import data and give a comprehensive overview of the import trends for the year 2022.

Significance of the Philippines Import Data Analysis

Analyzing import data allows businesses to form informed opinions regarding their sourcing strategies, pricing, and target requests. According to the customs database for the imports of the Philippines, with a value of $17.2 billion, electronic gadgets were the top imported goods into the Philippines in 2022. The import data provides precious perceptivity into the demand for specific products, provides shipment details such as HS code, importer name, and more, identifies arising trends, and helps in assessing the competitiveness of domestic diligence. Also, policymakers use import data to assess the impact of trade programs and apply measures to foster profitable growth.

PHILIPPINES IMPORT DATA
DATE	31-AUG-2022
IMPORTER NAME	QSL PHILIPPINES INC
EXPORTER NAME	APPLE SOUTH ASIA PTE LTD
HS CODE	85171200000
PRODUCT DESCRIPTION	"APPLE" SVC IPHONE 11 ROW 64GB BLK CI/AR-PPN PP661-1331
QUANTITY	2	UNIT	PCS
GROSS WEIGH IN KGM	0.6	TOTAL CIF VALUE	765.4
UNLOADING PORT	NINOY AQUINO INTERNATIONAL AIRPORT	MODE OF TRANSPORT	AIR
ORIGIN COUNTRY	CHINA	DESTINATION COUNTRY	PHILIPPINES

The top 10 imports of the Philippines in 2022 are:

Electronic integrated circuits and micro apparatus: 11.8% ($17.2 billion)

Petroleum oils and oils from bituminous minerals: 9.87% ($14.3 billion)

Coal; briquettes, and solid fuels manufactured from coal: 4.14% ($6.04 billion)

Motor cars and other motor vehicles: 2.44% ($3.57 billion)

Optical, photographic, and medical apparatus: 2.08% ($3.04 billion)

Pharmaceutical products: 1.85% ($2.7 billion)

Wheat and meslin.: 1.77% ($2.58 billion)

Electrical apparatus for line telephony or line telegraphy: 1.73% ($2.53 billion)

Parts and accessories: 1.48% ($2.17 billion)

Oil cake and other solid residues: 1.31% ($1.91 billion)

The top 10 importing partners of the Philippines for 2022 are:

China (29 billion US$) 20%

Indonesia (13.9 billion US$) 9.55%

Japan (13 billion US$) 8.97%

Korea (12.7 billion US$) 8.72%

USA (9.69 billion US$) 6.64%

Singapore (8.46 billion US$) 5.79%

Thailand (7.65 billion US$) 5.24%

Other Asian nations (7.09 billion US$) 4.86%

Malaysia (6.68 billion US$) 4.57%

Vietnam (4.77 billion US$) 3.27%