Top 10 Import Products of The Philippines
The Philippines is an island country of the world, also known as the archipelago as it consists of numerous islands and surrounded by water bodies from almost all directions.
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 majorly 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 is a part of the ASEAN group since 1967 and a part of 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 2020, the economy of the Philippines was declared the 33rd largest and biggest economy in the whole world.
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 into importing various goods to satisfy the needs and demands of its citizens. According to the Philippines Import Data for the year 2021, the total imports made by the country were USD 124 million. As per the official reports like the Philippines Trade Data of the same year, the major items that were imported from the world to the Philippines were:
- Electric machines and equipment (USD 31.09 million)
- Mineral fuels, oils, and other distilled liquids (USD 15.47 million)
- Machines and appliances like boilers and reactors (USD 11.76 million)
- Automobile (USD 7 million)
- Iron and Steel (USD 4.88 million)
- Plastic and plastic products (USD 4.41 million)
- Medical products (USD 3.7 million)
- Cereals (USD 3.44 million)
- Optical, medical, and precision tools (USD 2.64 million)
- Waste from food industries and animals (USD 2.05 million)
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 as listed in the Philippines Import Data for the year 2021.
Apart from these top 10 products, some other items that are imported in small quantities in 2021 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 as mentioned in the Philippines Import data from whom the products are bought the most. The top 10 import partners of the Philippines are as follows:
- China (USD 28.20 million)
- Japan (USD 11.83 million)
- Korea (USD 9.62 million)
- Indonesia (USD 9.02 million)
- The United States (USD 8.28 million)
- Singapore (USD 7.24 million)
- Thailand (USD 7.23 million)
- Chinese Taipei (USD 6.02 million)
- Malaysia (USD 5.57 million)
- Vietnam (USD 4.46 million)
Out of the total imports of the Philippines in the year 2021, which was USD 123.38 million, the majority of imports were made from the above-mentioned 10 nations. We hope to see more increment in these figures in the upcoming years but with the pace of exports too so as to maintain a positive trade balance.
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 it is the duty of the higher officials to maintain the trade surplus of the country so as to prevent it from going into deficit. For more information about the Philippines Import Data contact us and get all your questions answered.
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