The Philippines’ Economic Outlook: 2022
The scenic archipelagic islands of the Philippines have a strange relationship with the country’s economic cohesiveness. This pertains to how the two display a near-perfect contrast. On one hand, the islands are places of immense beauty yet broken, fragmentary landmasses where sustenance is a constant challenge. A third of the population works in agriculture but the sector contributes to only about 14% of the GDP.
While the economy, imposing in its size and growing speedily at 6.4% in the previous decade, promises hope but delivers staggering income inequality and poverty. Despite having a strong post-COVID recovery, the Philippines struggles behind other ASEAN members in poverty levels.
What the Philippines did right
The Philippine government must be credited for developing extensive infrastructure, and inviting foreign investment with trade-friendly policies. The Philippine literacy rate is amongst the highest in the region. Remittances from abroad have also shored up foreign exchange. All these factors provide a strong domestic market, and increased demand for consumer products. The opportunity to make the most of this emerging economy presents itself to importers and exporters around the world.
Begin your Asian expansion with these essential import-export dynamics governing the trade of the Philippines.
Philippines Export Analysis
The Trade Vision provides the most accurate and latest export data from the Philippines. Our market intelligence reports have helped hundreds of traders find reliable statistics, and buyers and suppliers from unknown lands. It is imperative for you to analyze this information as The Philippines is one of the fastest growing economies in South-east Asia. The Philippines exported a total of $79.5 billion in 2020. The nation is the world’s largest exporter of Nickel Ore($1.34 billion).
The rapidly expanding service sector promises to fill the economy with jobs. The nation stands to become an upper middle income country in the coming years.
Top Export Commodities
1. Integrated Circuits ($22.6 billion)
2. Office Machine Parts ($9.32 billion)
3. Electrical Transformers ($2.36 billion)
4. Insulated Wire ($2.32 billion)
5. Semiconductor Devices ($2.18 billion)
Top Export Countries
1. China ($12.9 billion)
2. United States ($10.7 billion)
3. Japan ($10.3 billion)
4. Hong Kong ($10 billion)
5. Singapore ($6.28 billion)
The Philippines Import Analysis
As infrastructural development reaches towns and cities, the Philippines is set to become a major consumer market. Traders looking to sell their products in the nation must contact The Trade Vision for an extensive list of port data, competitors’ shipment size, frequency, domestic demand, and other statistics.
The Philippines’ imports speak of its industrial activity. A lot of electronic equipment arrives in the Philippines for assembly, and further dispatch. There is a rising demand for consumer electronics, and cars. Tourism also contributes to local industry and development.
Top Import Commodities
1. Integrated Circuits ($12.3 billion)
2. Refined Petroleum ($5.61 billion)
3. Broadcasting Equipment ($2.89 billion)
4. Office Machine Parts ($2.45 billion)
5. Cars ($2.16 billion)
Top Import Countries
1. China ($34.5 billion)
2. Japan ($8.21 billion)
3. South Korea($7.31 billion)
4. United States ($6.84 billion)
5. Indonesia ($6.34 billion)
What the future looks like
The recent election of Bongbong Marcos Jr. as President of the Philippines will result in continuation of the Duterte-era policies. Infrastructural development will resume at the pace of the past years.
The election has been marred by misinformation campaigns and strongman tactics pointed out by local and international media. Rodrigo Duterte’s likening for authoritarianism might get a new life in Marcos’ presidency. But any indication of the subjugation of democratic values will not bode well with international investors. After the recent economic shocks and ensuing troubles, the Philippines needs a leader who serves the nation and no one else. Anything other than that would be an indelible blot on the exceptional perseverance of the Philippine population.
