How Often Philippines Export to U.S.A

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How Often Philippines Export to U.S.A

How often Philippines Export to The United States? Data sourced ocular that Philippines has a Regular Export Trade with U.S.A according to The United States Department of Commerce the U.S.A and the Philippines have had a very intimate trade relationship for more than Ten Decades.

U.S.A meet consistently with the Philippines under the aegis of the 1989 bilateral Trade and Investment Framework Agreement (TIFA) to  magnificent bilateral issues and coordinate on bilateral, regional, and multilateral issues.

Under the TIFA, the United States and the Philippines along sides have signed agreements on customs administration and trade facilitation (2010), cooperation on stopping illicit transshipments of textiles and apparel (2006), and enactment of minimum approach commitments by the Philippines (1998).

In recent year  2021 a significant trade barriers is spotted according to the National Trade Estimate Report of the United States between U.S.A and the Philippines.

Economic and Trade Statistics of Philippines In 2020:

In following of the Economic and Trade Statistics of the Philippines 2020 fiscal year the GDP of Philippines was an estimated $367.4 billion (source current market exchange rates); since real GDP was reduced by an estimated 8.3 percent; and the population was One Hundred Nine million. ( IMF census)

In 2020 U.S products and services trade with Philippines totaled was an estimated $25.3 billion. Import were $15.3 while Exports were $10.0 billion. In 2020 fiscal year The U.S  goods and services trade  deficit was $5.3 billion with Philippines.

Interim 2020 United States had recorded $18.9 billion two way products trading and Philippines is currently of United States 31st largest products trading partner. Products imports totaled $11.1 billion; products exports totaled $7.7 billion. The U.S. products trade deficit with Philippines summed $3.4 billion in 2020 fiscal year.

Moreover in 2020 fiscal year Trade in services with Philippines (imports and exports) totaled was an estimated $6.4 billion. Services imports were $4.1 billion  where as services exports were $2.3 billion. Consequently in 2020 fiscal year The U.S. services trade deficit with Philippines was $1.9 billion.

As past 2019 fiscal year the U.S.A exports of products and services to Philippines supported an estimated 162 thousand jobs (latest data source available) (44 thousand supported by products exports and 119 thousand supported by services exports) according to the published report of United States Department of Commerce in recent year.

Imports:

•    In 2020 fiscal year Philippines was ranked by the the United States as it's 30th largest supplier of imported products among Southeast Asian countries .

•   In 2020 fiscal year  U.S imports products from Philippines totaled $11.1 billion , down 12.0 percent ($1.5 billion) from earlier fiscal year 2019, but up 40 percent from 2010 fiscal year.  

•   In 2020 fiscal year The top import categories with (2-digit HS) were: electrical machinery ($4.4 billion), machinery ($2.8 billion), optical and medical instruments ($367 million), leather products ($359 million), and animal or vegetable fats and oils (coconut oil) ($348 million).

•    In 2020 fiscal year the U.S total imports of agricultural products from Philippines were $973 million . Prime categories include: vegetable oils ($348 million), processed fruit and vegetables ($185 million), fruit and vegetable juices ($102 million), tree nuts ($82 million), and raw beet and cane sugar ($59 million).

•   In 2020 U.S. imports of services from Philippines were an estimated $4.1 billion , 26.2 percent ($1.5 billion) less than earlier fiscal year 2019, but 53 percent greater than 2010 fiscal year levels.  Prime services imports from Philippines to the U.S. were in the professional and management services, telecommunications, computer, and information services, and travel sectors.

Exports:

•    In 2020 fiscal year Philippines was ranked by the United States of it's' 30th largest products export market among Southeast Asian countries.

•   In 2020 fiscal years U.S. products were exports to Philippines around $7.7 billion, down 10.4 percent ($902 million) from 2019 fiscal year but up 5 percent from 2010 fiscal year.  

•    The top export categories were electrical machinery ($2.2 billion), cereals (wheat) ($850 million), oilseeds and oleaginous fruits (soybean flour and meal) ($830 million), machinery ($733 million), and dairy, eggs, honey ($387 million) with(2-digit HS) in 2020 fiscal year.

•  In 2020 fiscal year the U.S exports of agricultural products to Philippines totaled $3.2 billion as U.S 9th largest agricultural export market. Prime domestic export categories include: soybean meal ($900 million), wheat ($827 million), dairy products ($409 million), pork and pork products ($114 million), and food preparations ($109 million).

•  In 2020 fiscal year U.S. exports of services to Philippines were an estimated $2.3 billion , 34.9 percent ($1.2 billion) less than former 2019 fiscal year , but 1 percent less than a decade earlier 2010 fiscal year levels.  Prime services exports from the U.S. to Philippines were in the professional and management services, intellectual property (franchises and trademarks), and financial services sectors etc.

Trade Balance:

•   In 2020 fiscal year the U.S. products trade deficit with Philippines was $3.4 billion , there a 15.5 percent decrease ($622 million) over earlier 2019 fiscal year.

•    In 2020 fiscal year the United States has a services trade deficit of an estimated $1.9 billion with Philippines, down 12.3 percent from earlier fiscal year 2019.

Investment:

•   In 2020 fiscal year the U.S. foreign direct investment (FDI) in Philippines (stock) was $5.2 billion, a 7.4 percent decrease from fiscal year 2019. U.S. direct investment in Philippines is led by manufacturing, professional, scientific, and technical services, and wholesale trade.

•    In 2020 fiscal year Philippines's FDI in the United States (stock) was $382 million, down 3.0 percent from fiscal year 2019. There is no information on the distribution of Philippines FDI in the U.S.

•   In fiscal year sales of services in Philippines by majority U.S.-owned affiliates were $3.8 billion (latest data available), while sales of services in the United States by majority Philippines-owned firms were $34 million.

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