Exporting to Philippines

Philippines Export Guide | Trade Finance Global

Exporting to Philippines

The Philippines is the 12th most populated country in the world thus in order to satisfy the needs of its people, the country imports electronic products, machinery, iron and steel, grains and plastic items. It also ranks as the 41st country with the high importations. The following are the country’s top imports namely: the integrated circuits with about $11.6 billion, crude petroleum with $6.12 billion), refine petroleum for $5.29 billion, $2.39 billion for cars whine the spacecraft, helicopters and planes comprise around $2.33 billion.

The country obtains much of its import commodities from China (13%), Japan (12%), the United States (12%) and Singapore (9%). The Philippines’ estimated imports could reached $72.9 billion.

Philippines Country Profile

Official Name (Local Language) Republika ng Pilipinas
Capital Manila
Population 102,624,209
Currency Philippine Peso
GDP $311.7 billion
Languages English; Filipino
Telephone Dial In 63

Philippines Imports Profile

Imports ($m USD)

101,889

Number of Import Products

4,354,35

Number of Import Partners

193

Top 5 import partners

Country

Trade

% Partner Share

China

18,478

18.14

Japan

11,798

11.58

Korea, Rep.

8,82

8.66

United States

8,31

8.16

Thailand

7,065

6.93

Top 5 Import Products at HS 6 digit level

Export product

Number

Parts of electronic integrated circuits and mic

12.5%

Monolithic integrated circuits, nes

5.5%

Petroleum oils, etc, (excl. crude); preparation

4.5%

Petroleum oils and oils obtained from bituminou

3.4%

Parts of printing machinery & machines for uses

3.1%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Philippines

Agriculture

%

Product List

9.7%

Rice, fish, livestock, poultry, bananas, coconut/copra, corn, sugarcane, mangoes, pineapple, cassava

Industry

%

Industry List

30.8%

Semiconductors and electronics assembly, food and beverage manufacturing, construction, electric/gas/water supply, chemical products, radio/television/communications equipment and apparatus, petroleum and fuel, textile and garments, non-metallic minerals,

Services

%

Services List

59.5%

Travel Other business services Transportation Insurance services Royalties and license fees Computer and information services Government services Communications services Financial services Cultural and recreational services Construction services

Exporting to Philippines: What is trade finance?

The country’s total value of exports reached to $50.7 billion which is composed primarily of integrated circuits ($19 billion), computers ($6 billion), machine parts ($3.1 billion) and electrical transformers ($2.2 billion).

These items are then shipped to the Philippines’ major export partners, such as the United States which received 17.6 percent of the total exports, Japan following with 16.2%, then by the Netherlands with 9.8%.

Information

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Philippines Economic Statistics

Government Website

https://op-proper.gov.ph/

Sovereign Ratings

https://countryeconomy. com/ratings/philippines

Central Bank

Bangko Sentral ng Pilipinas

Currency USD Exchange Rate

47.08

Unemployment Rate

5.5%

Population below poverty line

21.6%

Inflation Rate

1.8%

Prime Lending Rate

3.56%

GDP

$311.7 billion

GDP Pro Capita (PPP)

$7,700

Currency Name

Philippine Peso

Currency Code

PHP

World Bank Classification

Lower Middle Income

Competitive Industrial Performance

57/138

Corruption Perceptions Index

111/180

Ease of Doing Business

124/190

Enabling Trade Index

82/136

Currency In Philippines

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