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BILATERAL TRADE INSIDER - BUDDING TRADE RELATIONS BETWEEN THE PHILIPPINES AND JAPAN

The Philippines Export Data consists of lower values than the values present in the Philippines Import Data report, which means that the Philippines has been in a trade deficit in the last 5 years except in the year 2020.

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BILATERAL TRADE INSIDER - BUDDING TRADE RELATIONS BETWEEN THE PHILIPPINES AND JAPAN

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  1. BILATERAL TRADE INSIDER - BUDDING TRADE RELATIONS BETWEEN THE PHILIPPINES AND JAPAN The cordial relations between the Philippines and Japan first started in the pre- colonial period, i.e., even before the 16th century. The first trade that was performed between these two nations was in Mishima ware. These are the special kind of pottery items that were exported from the Philippines (produced primarily in Tondo, Manila, and Pangasinan) to Japan in the very beginning. The trade statistics of both nations are also very amazing and experiencing positive growth at present due to the strengthening of bilateral trade ties between the

  2. Philippines and Japan. In the year 2022, the bilateral trade stood at USD 24.17 billion. The current bilateral trade trends between the Philippines and Japan are as follows: BILATERAL TRADE TRENDS BETWEEN THE PHILIPPINES & JAPAN (2018-2022) YEAR PH > JAPAN 2018 USD 9.47 billion 2019 USD 10.63 billion 2020 USD 9.92 billion 2021 USD 10.72 billion 2022 USD 11.09 billion JAPAN > PH USD 11.39 billion USD 10.74 billion USD 8.71 billion USD 11.83 billion USD 13.08 billion TOTAL TRADE USD 20.86 billion USD 21.37 billion USD 18.63 billion USD 22.55 billion USD 24.17 billion As we can observe from the table above, the Philippines Export Data consists of lower values than the values present in the Philippines Import Data report, which means that the Philippines has been in a trade deficit in the last 5 years except in the year 2020. In total, bilateral trade has grown by 15.86% in the last five years, and it is expected that this trade will rise further in the upcoming years. TOP 10 IMPORTS OF THE PHILIPPINES FROM JAPAN IN THE YEAR 2022 As per the Philippines Import Data report for the year 2022, the nation has imported more than it exported to Japan. Based on this study, the major products that were imported by the Philippines from Japan were: Electric machines and gadgets (USD 3.84 billion) Machines and mechanical appliances (USD 2.45 billion) Mineral fuels and crude oil (USD 1.16 billion) Light automobiles (USD 1.01 billion)

  3. Iron and steel (USD 747.2 million) Plastic products (USD 644.3 million) Optical and precision tools (USD 329.9 million) Organic chemicals (USD 302.23 million) Copper items (USD 225.86 million) Rubberized products (USD 153.11 million) More than 60% of total imports made by the Philippines were from these top 10 products only. TOP 10 EXPORTS FROM THE PHILIPPINES TO JAPAN IN THE YEAR 2022 Just like the Philippines imported numerous products from Japan in the year 2022, it also exported a number of products to Japan to fulfill the demands of the other nation too. Based on the Philippines Export Data report, the top 10 items exported by the Philippines to Japan were: Electric machines, tools, and gadgets (USD 5.16 billion) Nickel and Nickel products (USD 654.8 million) Fruits and nuts (USD 627.8 million) Mechanical machines and appliances (USD 600.3 million) Ores, slag, and ashes (USD 507.3 million) Plastic products (USD 461.1 million) Wooden material (USD 457.7 million) Ships and boats (USD 384.9 million) Photographic and medical equipment (USD 286.6 million) Aluminum products (USD 227.3 million) More than 75% of total exports made by the Philippines to Japan in the year 2022 were done through these 10 products.

  4. SIGNING OF JAPAN-PHILIPPINES ECONOMIC PARTNERSHIP AGREEMENT (JPEPA) To boost the trade relations and import-export of goods and services, the Philippines and Japan signed a comprehensive agreement named JPEPA which is a type of Free Trade Agreement aimed to boost investment opportunities and various other avenues. This agreement was proposed by the Japanese government in the year 2002 which came into effect in the year 2004. Just as this agreement was in action, multiple trade barriers and tariffs were removed from various product categories such as electronics, apparel, food items, etc. Since 2006, after the final proceedings were passed, the trade between both nations is growing due to which Japan has become the 2nd biggest trade partner of the Philippines. CONCLUSION – THE FINAL VERDICT From the above discussion, the estimates of Tradeimex say that the bilateral trade relations between the Philippines and Japan would rise several folds but slowly and gradually. The values mentioned in the Philippines Trade Data will follow a linear growth trend with Japan. Just like how FTA gave a boost to the economies of both nations, similarly, more such agreements would come into play in upcoming years to deliver more smooth and easy trading experiences to marketers. For more information about Import Export Data and bilateral trade trends, contact us today and get your queries resolved. EMAIL: info@tradeimex.in

  5. Source URL: https://usexportdata.blogspot.com/2023/06/bilateral-trade- insider-budding-trade.html

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