The top export categories (2-digit HS) in 2020 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).
What is the main export of the Philippines?
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.
What products do Philippines export?
Philippines Top 10 Exports
- Electrical machinery, equipment: US$31.7 billion (49.7% of total exports)
- Machinery including computers: $9.5 billion (14.9%)
- Fruits, nuts: $2.3 billion (3.6%)
- Optical, technical, medical apparatus: $1.8 billion (2.8%)
- Ores, slag, ash: $1.7 billion (2.7%)
- Copper: $1.7 billion (2.7%)
Why does the US trade with the Philippines?
Key U.S. exports to the Philippines are agriculture goods, machinery, cereals, raw and semi-processed materials for the manufacture of semiconductors, electronics, and transport equipment. The two countries have a bilateral Trade and Investment Framework Agreement, signed in 1989, and a tax treaty.
Does the Philippines import more than export?
Economic and Trade Statistics
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. The U.S. goods trade deficit with Philippines was $3.4 billion in 2020.
What economic system does Philippines belong?
The Philippines has a mixed economic system that includes a variety of private freedom, combined with centralized economic planning and government regulation. The Philippines is a member of the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN).
What does Philippines produce?
The Philippines’ major agricultural products include rice, coconuts, corn, sugarcane, bananas, pineapples, and mangoes.
What is Philippines known for?
The Philippines is known for having an abundance of beautiful beaches and delicious fruit. The collection of islands is located in Southeast Asia and was named after King Philip II of Spain. … The Philippines is made up of 7,641 islands, making it one of the largest archipelagos in the world.
How does Philippine economy differ from that of the US?
make 86.0% less money. United States has a GDP per capita of $59,800 as of 2017, while in Philippines, the GDP per capita is $8,400 as of 2017.
What is the greatest contribution of America to the Philippines?
One such policy was the introduction of the American system of education, and so pervasive and far-reaching was its impact and influence on the life and culture of the Filipino during and after the colonial period that it is generally regarded as the “greatest contribution” of American colonialism in the Philippines.
What will happen to the Philippine economy in the year 2021?
ADB maintained its forecast for the Philippines’ gross domestic product (GDP) growth at 4.5% in 2021 and 5.5% in 2022 in its Asian Development Outlook (ADO) 2021 Update. … “The economy has regained its footing and is on the right growth path.
Is the Philippines a US ally?
The United States and the Philippines are treaty allies under the Mutual Defense Treaty of 1951. The Philippines is the oldest security ally of the US in Southeast Asia and one of the five treaty allies of the US in the Pacific region.
Was the Philippines a US territory?
Headed by a governor general, the commission would be evenly divided between four Americans and four Filipinos. The resulting legislation—the Philippine Organic Act of 1902—made the Philippines into an American protectorate as an “unorganized” territory.
Why is Philippines important to the world?
It is the natural gateway to the East Asian Economies, having one of the most active and resilient economies in the Asia-Pacific region. It is one of the largest archipelagos in the world having about 7,107 islands and islets divided into three major island groupings called Luzon, Visayas and Mindanao.