What is the current trade balance of Philippines?
The Philippines’ trade deficit jumped to USD 4.02 billion in October 2021 from USD 2.05 billion in the same month a year earlier. This marked the largest trade gap since April 2020, as exports edged up 2.0 percent year-on-year to USD 6.41 billion, while imports surged 25.1 percent to USD 10.43 billion.
How much the Philippine economy relies on international trade?
The country’s total external trade in goods in June 2021, which amounted to USD 15.84 billion, grew at an annual rate of 26.8 percent.
Which country does Philippines trade with the most?
Philippines top 5 Export and Import partners
|Market||Trade (US$ Mil)||Partner share(%)|
|Hong Kong, China||9,625||13.57|
Is the Philippines in a trade deficit or surplus?
Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit….Philippines: Trade balance from 2010 to 2020 (in billion U.S. dollars)
|Characteristic||Trade balance in billion U.S. dollars|
What is the role of the Philippines in international trade?
The Philippines is a leading exporter of electronic products including processors, chips and hard drives as well as of agricultural products, including coconut, pineapple and abaca. Major export partners are Japan, the United States and China.
Is Philippines dependent on international trade?
Developing countries such as the Philippines relies heavily on trade and foreign direct investment (FDI), consequently leading to economic integration, which in its entireity, determines the country’s economic condition.
How the Philippine economy is benefited from trade?
Trade is an important component of the Philippine economy. The shock also has a positive and statistically significant direct effect on labor productivity, which implies that increasing imports increases labor productivity of Philippine sectors.
What are the different types of foreign trade?
Foreign trade is of three types.
- Import Trade: When the goods or services are purchased from other countries it is called import trade.
- Export trade: When the goods are sold to other countries, it is called export trade.
- Entrepot trade: It is also called re-exporting.
What is the Philippines biggest export?
Exports in Philippines account for nearly a third of GDP. Major exports are: electronic products (42 percent), other manufactures (10 percent) and woodcrafts and furniture (6 percent). Philippines is also the world’s largest producer of coconut, pineapple and abaca.
What does the US import from Philippines?
Key imports from the Philippines are semiconductor devices and computer peripherals, automobile parts, electric machinery, textiles and garments, wheat and animal feeds, coconut oil, and information technology/business process outsourcing services.
What is the total external trade in the Philippines in 2021?
The country’s total external trade in goods in June 2021, which amounted to USD 15.84 billion, grew at an annual rate of 26.8 percent. In the… Read more about Highlights of the Philippine Export and Import Statistics June 2021 (Preliminary).
What are the highlights of the Philippine export and import statistics?
Read more about Highlights of the Philippine Export and Import Statistics September 2021 (Preliminary). The country’s total external trade in goods in August 2021, which amounted to USD 16.51 billion, grew at an annual rate of 25.3 percent.
How much did the country’s total external trade decline in 2020?
The country’s total external trade in goods plunged to USD 155.03 billion in 2020, from USD 182.52 billion in 2019. This indicates an annual decline of -15.1 percent in 2020. In 2019, total trade grew by 0.2 percent while in 2018, total trade increased at annual rate of 10.5 percent.
How much did the US trade with other countries in 2016?
Monday, July 10, 2017 TOTAL EXTERNAL TRADE REACHES $141.514 BILLION IN 2016 The country’s total external trade in goods in 2016 was recorded at $141.514 billion, expanding by 8.9 percent from $129.894 billion in 2015. Total import receipts went up by 8.9 percent to $84.108 billion in 2016 from $71.067 billion in 2015.