Does Philippines import more than exports?

Philippines is currently our 31st largest goods trading partner with $18.9 billion in total (two way) goods trade during 2020. Goods exports totaled $7.7 billion; goods imports totaled $11.1 billion.

Does the Philippines economy bank more on export or import?

The Philippine economy has always depended on its exports for part of its foreign exchange needs. Traditionally, the country has exported mainly natural resource-based goods, usually in their raw, unprocessed forms.

What goods does Philippines import and export?

Top 5 Commodity Imports

• Refined Petroleum – $9.2 billion.
• Crude Petroleum – $4.8 billion.
• Coal Briquettes – $1.9 billion.
• Wheat – $1.6 billion.
• Semi-Finished Iron – $1.2 billion.

What is Philippines main export?

Exports in Philippines account for nearly a third of GDP. Major exports are: electronic products (42 percent), other manufactures (10 percent) and woodcrafts and furniture (6 percent). Philippines is also the world’s largest producer of coconut, pineapple and abaca.

Why having more exports is better to the economy than more imports?

When exports exceed imports, the net exports figure is positive. This indicates that a country has a trade surplus. When a company is exporting a high level of goods, this also equates to a flow of funds into the country, which stimulates consumer spending and contributes to economic growth.

Why is it important for a country to export or import products and services?

Exports and imports are important for the development and growth of national economies because not all countries have the resources and skills required to produce certain goods and services. Nevertheless, countries impose trade barriers, such as tariffs and import quotas, in order to protect their domestic industries.

What makes up Philippines as a country?

The Philippines is an archipelago, or string of over 7,100 islands, in southeastern Asia between the South China Sea and the Pacific Ocean. The two largest islands, Luzon and Mindanao, make up for two-thirds of the total land area. Only about one third of the islands are inhabited.

What is driving the Philippine government’s exports?

Electronic product imports account for 53\% of the total export revenue for the government in 2016 and the figure has remained consistently high until 2019. The Philippines has been experiencing delays in petroleum exploration and this has created a massive over-reliance on imported refined oil.

What are the key facts of the Philippine economy?

Although the Philippines comprises of more than 7,000 islands, the vast majority of the population lives on only 11 of them. At present, the country is the 41st largest export economy in the world. Its annual exports total $54.3 billion and imports for the same period are $80.5 billion, resulting in a negative trade balance of $26.3 billion.

How much is the value of exports in the Philippines?

Its annual exports total $97.8 billion and imports for the same period are $35 billion, resulting in a negative trade balance of $36.7 billion. The value of the Philippines’s annual exports has fallen by $17.6 billion over the last five years from 2013 ($80.2 billion) to 2018 ($97.8 billion).

How much did the Philippines trade with foreign countries in 2015?

The PSA reports that the Philippines’ top-10 trading partners comprised 78.5\% of total foreign trade in 2015, equivalent to $101.9bn. Of this figure, export receipts comprised $48.3bn – 82.1\% of all exports – and imports amounted to $53.6bn, 75.5\% of all imports.