Philippines Trade, Exports and Imports

By: EconomyWatch Content   Date: 29 March 2010

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Historically, the Philippines have been an important centre for commerce for centuries for its ethnic minority, namely, the Chinese who were also its first occupants. The archipelago has also been visited by Arabs and Indians for the purpose of trading in the first and early second millennium. As of 21st century, the country is member in several international trade organizations including the APEC, ASEAN and WTO

Since 1980s, the Philippines have opened their economy to foreign markets, and established a network of free trade agreements with several countries. The United States is one of the Philippines top trading partner. In 2010, according to US Department of Commerce dad, trade between the Philippines and US amounts to US$15.4 billion. US is also the Philippines largest foreign investor, with foreign direct investment close to US$6 billion at the end of 2009.

Under the new Aquino administration, the government plans to open up the country to more foreign investment in industries such as business processing operations, mining and tourism. However, this move may be hindered by restrictions such a prohibition of foreign ownership of land and public utilities.

List of the Philippines FTAs

ASEAN FTA

ASEAN - China FTA

ASEAN - Japan CEP

ASEAN - Korea FTA

ASEAN - ANZ FTA

ASEAN - India FTA

ASEAN - EU FTA

Philippines' Import and Export Indicators and Statistics at a Glance (2010)

Total value of exports: US$50.72 billion

Primary exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits

Primary exports partners: US (17.6 percent of total exports), Japan (16.2 percent), Netherlands (9.8 percent), Hong Kong (8.6 percent), China (7.7 percent), Germany (6.5 percent), Singapore (6.2 percent), South Korea (4.8 percent)

Total value of imports: US$59.9 billion

Primary imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic

Primary imports partners: Japan (12.5 percent of total imports), US (12 percent), China (8.8 percent), Singapore (8.7 percent), South Korea (7.9 percent), Taiwan (7.1 percent), Thailand (5.7 percent)

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