TOP STORIES OF THE WEEK ABOUT PHILIPPINES TRADE DATA
TOP STORIES OF THE WEEK ABOUT PHILIPPINES TRADE DATA
ALL ABOUT THE PHILIPPINES IN BRIEF
The Philippines, now officially known as the Republic of the Philippines
is a country that is situated in southeast Asia. With a land area of 300,000
square kilometers, the country inhabits 10.96 crores of people which makes it
the 13th most populous country in the world. The Philippines shares
its borders with multiple countries, namely, Taiwan, Japan, Palau, Indonesia,
Malaysia, Vietnam, and China in all directions.
AMAZING
AND KILLER FACTS ABOUT PHILIPPINES
TRADE DATA THAT YOU HAVEN’T HEARD TILL NOW
In this article, we are going to share some awesome and
accurate statistics from the Philippines trade data
that will help marketers and traders who are associated with international
trading to a very large extent. After getting through these statistics derived
from Philippines trade
data they can make a very accurate and to-the-point decision on whether
they should target the Philippines market now or should wait for some time. So,
without wasting any time, let’s dive into some exotic facts and figures about
the Philippines.
The first insight that we are going to share is about the
economic growth rate and trends of the Philippines market. So as per Philippines trade data the
economy of the Philippines has shown a growth of 5.7% in 2021 as compared to
the year 2019 which beats the country’s government estimate of 5.5%. Although
the country faced a recession during the pandemic situation in the year 2020 it
has started recovering and growing rapidly since then. The Philippines is the 2nd
fastest growing economy after the pandemic in ASEAN.
This positive trend in the economy as presented by Philippines trade data motivates
the officials and as a result, they expect the GDP of the country to rise by
7-8% in 2022.
Now, if we talk about the Balance of payments (BOP), the
country yielded less in 2021 as compared to 2020 by $1.3 billion. Currently,
there is a deficit of USD 6.9 billion due to this shortfall. If we focus on the
numbers that are shown in the Philippines trade data then
we can notice that there is a growth of 12.4% in exports and a growth of 31.7%
in imports. Moreover, the stock market of the Philippines showed a decline of
0.2% in the year 2021 due to uncertainties in the market because of the
COVID-19 pandemic.
Let’s now focus on the FDI of the Philippines. The country
experiences a 54% growth in Foreign Direct Investments after a continuous
decline for three years. As of now, the Philippines ranks 48 in competitiveness
ranking in the world but is behind Asia-pacific partners due to a lack of
economic assets.
You might know that the Philippines is continuously
associated with the United States for bilateral trade. If we refer to the Philippines trade data then
it is evident that this bilateral trade is grown by 23.4% by the year 2021
amounting to $23.3 million. A sharp decline of 11.4% was observed in the year
2019 due to the lockdown.
Now, Philippines
trade data clearly shows that the United States was the Philippines’
fifth biggest country supplier in 2021 holding a share close to 6.6% of
imports. As per Philippines
trade data the biggest import partners of the Philippines were China
with a share of 22.7%, and Japan with a share of 9.4%. Philippines trade data also
presents that the biggest export partners of the Philippines, i.e., the United
States holding a share of 15.9% of all exports done in the year 2021. The next
biggest export partner was China accounting for 15.5% of the export market of
the Philippines.
FINAL VERDICT
This is surely not the end of what all we want to share about
Philippines trade data
with you all, but for this time, this is all from our end and we hope that
you surely got some strong insights and information about the current status of
Philippines’ economy, its statistics, FDI, BOP, and some major import and
export partners. If you ask if, is it the right time to trade and target the
Philippines market, then we would suggest that you should wait for some time
and examine the situation more. This is because, after the pandemic, every
market is trying and striving hard to become as it was before and working for
the same rigorously.
FREE TIP- BECAUSE WE CARE FOR YOU
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We are one of the leading import-export
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TradeImeX Info Solution Pvt Ltd has brought to you the most interactive, reliable, and accurate Import Export Data from more than 70 countries. Every trader or marketer who performs overseas trade looks for precise of the country with whom he or she is planning to trade. It becomes necessary that the Import Export Data provided to the trader should be accurate and genuine.
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