Aboitiz Equity Ventures (industrial conglomerates).Below is a sample of the major companies headquartered in the Philippines that Forbes included. Ten Filipino corporations rank among Forbes Global 2000. Major Companies Servicing Filipino Trading Partners These positive cashflow streams clearly indicate competitive advantages with the above countries, but also represent key opportunities for the Philippines to develop country-specific strategies to optimize its overall position in international trade. Hong Kong: US$6.5 billion (country-specific trade surplus in 2021)Īmong the Philippines’ trading partners that generate the greatest positive trade balances, Filipino surpluses with Curaçao (up 184.4%), Germany (up 87.8%) and Switzerland (up 57.4%) grew at the fastest pace from 2020 to 2021.The Philippines incurred the highest trade surpluses with the following countries. Countries Generating Highest Trade Surpluses for the Philippinesīased on Investopedia definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus. These cashflow deficiencies clearly indicate competitive disadvantages with the above countries, but also represent key opportunities for the Philippines to develop country-specific strategies to strengthen its overall position in international trade. China: -US$16.7 billion (country-specific trade deficit in 2021)Īmong the Philippines’ trading partners that cause the greatest negative trade balances, Filipino deficits with Saudi Arabia (up 337.6%), Thailand (up 80.2%) and Malaysia (up 62.8%) grew at the fastest pace from 2020 to 2021.In 2021, the Philippines incurred the highest trade deficits at the expense of the following countries. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. The Philippines incurred an overall -$49.8 billion trade deficit in 2021, swelling by 85.2% from -$26.9 billion in red ink one year earlier during 2020.Īs defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. Countries Causing Greatest Trade Deficits for the Philippines Thanks to its -2.6% reduction year over year, the United Arab Emirates was the sole decliner among top importers of products exported from the Philippines. Leading gainers from 2020 to 2021 among the above top trading partners were Indonesia (up 90.6%), Spain (up 80.1%), Australia (up 48.5%), Belgium (up 37.2%), Ireland (up 33.9%), India (up 33.4%) then Mexico (up 30.1%). United Arab Emirates: $267 million (0.4%)īy value, the above 25 countries bought 96.1% of all exports from the Philippines during 2021.United States: US$11.9 billion (15.9% of total Filipino exports). Also shown is each import country’s percentage of total Filipino exports. Tinier percentages went to Oceania led by Australia and New Zealand (0.8%), Latin America excluding Mexico but including the Caribbean (0.6%), and Africa (0.3%).īelow is a list showcasing Philippines top 25 trading partners, countries that imported the most Filipino shipments by dollar value during 2021. Philippines shipped another 12.3% worth of goods to Europe. In contrast, the Philippines’ population of 110.2 million amounts to 1.4% of the head count for everyone on the planet.Īpplying a continental lens, more than two-thirds (68.3%) of Philippines’ exports by value were delivered to fellow Asian countries while 17.5% were sold to importers in North America. The value of Filipino exports represents a tiny 0.3% of total world exports of $21.513 trillion for 2021. To give global perspective, the Philippines is a relatively small player in international trade. The Philippines exported US$74.6 billion worth of goods around the globe in 2021, up by 18% since 2017 and increasing by 16.8% from 2020 to 2021. The country’s official name is the Republic of the Philippines. By The Philippines is a densely populated island located in Southeast Asia.
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