Top 10 Import Products of The Philippines

The Philippines is one of the world's island countries, 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 total imports of the Philippines accounted for $133.75 billion in 2023 and $29.48 billion in 2024 quarter 1. The Philippines mainly occupies the western part of the Pacific Ocean. The agricultural sector initially ran the economy of the country 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 this article, we will explore the top 10 import products of the Philippines focusing on its import statistics for 2023-24.

Key Highlights of the Philippines Imports and Economy

• In the Asia-Pacific area, the Philippines' economy is regarded as a developing market and as having recently undergone industrialization.
• The Philippines economy is projected to reach $471.5 billion in 2024.
• The Philippines is the 13th largest economy in Asia.  
• In the year 2023, the economy of the Philippines was declared the 32nd largest and biggest economy in the whole world by GDP. 
• Philippines imports accounted for a total value of $133.75 billion in 2023. 
• Philippines imports saw a decline of 8% in 2023 from the previous year.
• The Philippines imports the most goods from China worth $30.93 billion in 2023. 
• The major imports of the Philippines in 2023 include electrical machinery and equipment ($27.14 billion), mineral fuels and oils ($21.20 billion), and nuclear reactors and machinery ($11.07 billion). 
• The top import partners of the Philippines in 2023 include China ($30.93 billion), Indonesia ($12.28 billion), and Japan ($10.92 billion). 
• The Philippines imported goods worth $29.48 billion in the first quarter of 2024.
• In April 2024, Philippines imports amounted to $11.6 billion with a 12.2% increase from the previous year. 
• The top imports of the Philippines in April 2024 include Refined petroleum ($1.23 billion), Integrated circuits ($1.09 billion), and commodities not elsewhere specified ($665 million). 

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:

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.

Philippines Top Imports in 2024

The Philippine's goods imports accounted for $29.48 billion in 2024 quarter 1 with a decline of 6.7% from the same period in the previous year. The Philippines imported a total quantity of 32.74 billion metric tons in 2024 Q1. Mineral Fuels and mineral oils are the biggest imports of the Philippines worth $4.93 billion in 2024 Q1. According to the Philippines import data, The top 10 imports of the Philippines in 2024 quarter 1 include: 

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: $30.93 billion (23.1%)
2. Indonesia: $12.28 billion (9.2%)
3. Japan: $10.92 billion (8.2%)
4. USA: $9.11 billion (6.8%)
5. South Korea: $8.87 billion (6.6%)
6. Thailand: $8.18 billion (6.1%)
7. Singapore: $7.38 billion (5.5%)
8. Malaysia: $6.23 billion (4.7%)
9. Vietnam: $4.97 billion (3.7%)
10. Taiwan: $4.93 billion (3.7%)

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 Philippines imports in the last 10 years

Philippines' May 2024 deficit remains steady but still significant

According to the latest Philippines trade statistics, It was anticipated to be a smaller deficit, but the May 2024 trade statistics came in at $4.60 billion, in line with industry estimates. Although this is almost completely a base effect, export growth slowed in May from a very significant 27.9% YoY pace in April to a -3.1% YoY rate in May. In USD terms, however, exports were marginally higher in May at USD6.33 billion, up from an upwardly revised $6.288 billion in April. Imports decreased somewhat in USD from April and were unchanged year over year, leading to a less favorable deficit.

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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