Exports of coconut oil represent 1.34 of the Philippines’s annual export values and the country is the.
The value of Filipino exports represents a tiny 0.3 of total world exports of 24.019 trillion for 2022. Details About Filipino Imports/Exports Coconut Oil. The two countries signed cooperation documents on Belt and Road cooperation, agriculture, fisheries, infrastructure, finance, customs, e-commerce and tourism. To give global perspective, the Philippines is a relatively small player in international trade. It is his first visit to China as president and his first official visit to a country outside the Association of Southeast Asian Nations. paid a visit to China on Wednesday, becoming the first foreign leader to be hosted by China in 2023. Philippine President Ferdinand Romualdez Marcos Jr. This was followed by other manufactured goods (-12.8) machinery and transport equipment (-11.9), and coconut oil (-11.7). In the next step, the aim is to expand imports of high-quality products from the Philippines, support Chinese enterprises to invest in the country, and promote joint construction of the Belt and Road Initiative, MOFCOM said. Of the top 10 major commodity groups in terms of value of exports, four recorded annual decreases led by fresh bananas (-46.9). Coconuts, avocados, and frozen fruit have also become popular imports, and fresh durians will soon be exported to China, Shu said.Īt the same time, Chinese enterprises have achieved remarkable results in investment and cooperation in the Philippines.Īccording to statistics from the Philippines, from 2016 to 2021, Chinese companies invested about $2.9 billion in the country, in areas such as service outsourcing, logistics, agriculture, steel and communications. China is also the third-largest export market for Philippine agricultural products, Shu Jueting, spokesperson for MOFCOM, said at a press conference.Īt the 5th China International Import Expo, the booth area of the Philippines increased by 240 square meters compared with the previous one, and 19 new exhibitors were added.Īt present, the Philippines is China's largest source of bananas and pineapples. The trade volume between China and the Philippines reached $80.41 billion from January to November 2022, a year-on-year increase of 8.3 percent, per data released by the Ministry of Commerce (MOFCOM) on Friday, showing the close trade relations between the two countries.Īt the end of 2021, China had been the Philippines' largest trading partner for six consecutive years, and its second-largest export market. Smaller percentages were recorded from Oceania (1.3%) led by Australia and New Zealand, Latin America (1%) excluding Mexico but including the Caribbean, then Africa (0.2%).People visit the exhibition area of the Philippines at 2022 China International Fair for Trade in Services. Based on Philippines shipment data, European countries supplied 7.1% of imports to the Philippines while 6.9% worth of goods originated from North America.
Continent-wise, two-thirds (63.8%) of the Philippines’ total imports by value in 2020 were imported from fellow Asian countries. Philippines import data reveals list of Philippines’ top 10 import partners as follows – China (USD 20.9 billion), Japan (USD 8.7 billion), United States (7.1 billion), South Korea (USD 7.0 billion), Indonesia (USD 5.8 billion), Singapore (USD 5.6 billion), Thailand (USD 4.9 billion), Taipei, Chinese (USD 4.8 billion), Malaysia (USD 4.0 billion) and Vietnam (USD 3.1 billion).Īccording to Philippines trade data, Philippines top 10 import sources accounted for 79.6% to overall value of shipments recorded in 2020. Philippines Import Partners Philippines’ Top 10 Import Partners
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