The Philippines' response to globalization in terms of migration, trade, and finance. Globalization of trade and migration in the Philippines than financial globalization, in terms of prominence. Even though empirical estimates demonstrate how globalization has benefited the nation's economic development and despite the lack of strong evidence, employment has a significant impact on inequality and poverty be discovered, as early estimates indicate conflicting outcomes. In this article, we will discuss how trading affects the Philippine economy and know about Philippines Export Import Data.
About Philippine Economy
According to the Philippines Trade Data, the Philippine economy expanded by 5.7 percent in 2021, above the government's planned range of 5-5.5 percent, and recovering from the 9.5 percent recession brought on by the pandemic in 2020. The Philippines' robust economic performance from 2012 to 2019—the second-fastest in ASEAN—brought the country closer to its pre-pandemic average GDP growth rate of 6.6 percent.
As movement restrictions were relaxed, businesses started to open again, and the labor market improved, economic activity grew throughout the year. Officials in the Philippines predict that by 2023, the nation will have achieved upper middle-income status, a 2020 objective that the pandemic has thwarted. Around $3,500 was expected to be the gross national income per person in the Philippines in 2021, falling short of the $4,096 to $12,695 upper middle-income range set by the World Bank.
Philippines Export Import Trade Data for 2021
The Philippines's year-over-year export growth in August 2021 was primarily attributable to increases in exports to
· South Korea ($78.5M or 38.2%),
· Hong Kong ($165M or 25.5%), the United States ($108M or 12.9%),
· Commodities not elsewhere specified ($269M or 45.1%),
· Integrated Circuits ($115M or 10%),
· Gold ($55.5M or 43.8%).
The increase in the Philippines's import data from China ($369M or 17.2%), Kuwait ($130M or 445k%), and Singapore ($108M or 23.2%) in August 2021, as well as increases in the imports of refined petroleum ($223M or 69.8%), office machine parts ($99.5M or 64.7%), and delivery trucks ($59.4M or 40.5%), were the main factors contributing to the increase in the country's year-over-year imports.
According to the Philippines Export Data, Integrated Circuits ($1.54B), Commodities not further specified ($818M), Computers ($298M), Insulated Wire ($241M), and Industrial Printers ($237M) were the Philippines' top exports in August 2021. Whereas, the Philippines Import data discovers Commodities not further specified ($1.17B), refined petroleum ($852M), integrated circuits ($706M), wheat ($240M), and coal briquettes ($238M) were the main imports of the Philippines in August 2021.
Philippines Trade Data's Benefits
These are the following advantages for Philippines Trade Data, and Philippines Custom Data are -
· Find potential customers in the Philippines market
· Learn about Philippine product demand right now.
· Follow your rivals and surpass them.
· Implement data-driven marketing techniques.
· Increase the visibility of your company in the Philippine market.
· Set long-term business objectives and increase your revenues.
Top Trading Partners with the Philippines
According to Philippines Shipments Data, China and Japan are the two countries that the Philippines import the most from. China (21.94%), Japan (9.3%), South Korea (7.56%), Indonesia (7.26%), The United States of America (6.5%), Singapore (5.71%), Thailand (5.64%), Taiwan (4.73%), Malaysia (4.41%), and Vietnam (3.47%) were the top import trading partners for the Philippines in terms of total import share in 2021.
Philippines Import –Export Data for the Growth of Your Business
Create a name for your product in the trade sector:
It takes more than just putting a product on the market to succeed in your endeavors. In fact, you have to put in a lot of effort to complete the assignment. Philippinesimportdata is providing you with Philippines custom data so you can learn how to establish a brand for your goods in the trade sector.
Introduce goods that your clients want:
Maintaining pleased customers is a requirement for success in the trade business and an indication of a successful supplier. Our Philippines Shipment Data data can be used to determine what is in demand. By doing this, you can choose what things to introduce and how to satisfy your customers.
Avoid inconsistencies:
Philippines Import data will also assist you in avoiding inconsistencies that might negatively impact your company. Utilize our data to keep you informed about the consignee and consignor so that your business can grow in the appropriate direction.
Acquire Philippines Import data easily
Philippinesimportdata offers thorough data on imports into the Philippines based on recent transactions, bills of lading, invoices, and customs and shipping data. Utilize precise Philippines Trade Data to gain thorough market insights. It provides you with a statistical analysis of your competition and recent market developments. From our Philippines Importers directory, you can locate reliable importers and buyers. It's a fantastic instrument for expanding your company in the Philippines Market. HS Code, Country Name, Buyer Name, Product Name, Unit Price, Importer Name, Port of Loading/Unloading, and Shipping Information are all available for free download.
