Hot Topic! 2024 August Philippines Import Data and Market Trends
2024-09-17 16:24:37
The Philippines, as a crucial trade hub in Southeast Asia, has consistently shown a diverse import market. The customs import data for August 2024 reflects the vibrancy of its foreign trade and changing market demands. This report provides an in-depth analysis of these data, examining the types of imported goods, key importers, imports from China, and major trade partners to offer valuable insights for foreign trade professionals.Overview of Philippines Import Data in August 2024:According to the customs data for August 2024, the Philippines recorded a total of 747,215 import entries, a 4.36% decrease from last month's 790,880 entries. Compared to the same period last year, there was a 6.91% increase from 698,913 entries. The total import value reached $11.72 billion, a 4.00% decrease from the previous month’s $12.21 billion but a 3.33% increase compared to $11.34 billion in the same month last year.On the importer side, 21,176 Philippine importers were involved in this month's activities, showing a month-on-month decrease of 1.08% but a year-on-year increase of 2.82%. Regarding suppliers, 54,983 companies supplied goods to the Philippines, with a month-on-month decrease of 5.68% and a year-on-year decrease of 0.35%. These figures indicate that despite a slight decrease in this month’s import activity, the overall trend remains positive, demonstrating the stability and diversity of the Philippine import market.Top Five Imported Goods in the Philippines This Month:Integrated Circuits and Components (HS Code 854239): The total import value this month was $745 million, down 9.19% from the previous month and 10.46% year-on-year. This category is crucial to the electronics industry, and the decline might reflect global supply chain disruptions or changes in the demand for electronics within the Philippines.Crude Oil and Petroleum (HS Code 270900): The import value reached $576 million, with a month-on-month increase of 37.10% and a year-on-year growth of 98.76%, almost doubling. This increase could be linked to international oil price fluctuations and the growing energy demand in the Philippines.Petroleum Products and Lubricants (HS Code 271019): The total import value stood at $531 million, showing a decrease of 6.13% month-on-month and 44.33% year-on-year. The drop in import value could be due to global oil price adjustments, increased use of alternative energy sources, or reduced domestic demand.Petroleum Condensates (HS Code 271012): The import value was $325 million, down 2.51% month-on-month and 25.76% year-on-year. This is related to global oil market fluctuations and adjustments in domestic energy demand in the Philippines.Anthracite (HS Code 270119): The import value was $273 million, slightly down 6.00% month-on-month but up 10.35% year-on-year. This suggests an increase in demand for high-quality fuels in the Philippines, possibly for electricity production and industrial use.Key Importers in the Philippines for Major Goods:In the Philippine import market, some importers have shown outstanding performance in purchasing various categories of goods. Here are the main importers for the top five imported goods this month:Integrated Circuits and Components (HS Code 854239):TI (PHILIPPINES) INC.: $193 million, with a month-on-month increase of $4.23 million.SFA SEMICON PHILIPPINES CORP.: $147 million, with a month-on-month decrease of $49.15 million.ANALOG DEVICES GEN TRIAS INC.: $78.44 million, with a month-on-month increase of $3.34 million.Crude Oil and Petroleum (HS Code 270900):PETRON CORPORATION: $576 million, with a month-on-month increase of $156 million.Petroleum Products and Lubricants (HS Code 271019):PILIPINAS SHELL PETROLEUM CORP.: $128 million, with a month-on-month increase of $2.77 million.UNIOIL PETROLEUM PHILIPPINES INC.: $91.83 million, with a month-on-month increase of $26 million.Petroleum Condensates (HS Code 271012):UNIOIL PETROLEUM PHILIPPINES INC.: $66.84 million, with a month-on-month increase of $12.45 million.J G SUMMIT OLEFINS CORP.: $53.35 million, with a month-on-month increase of $16.19 million.Anthracite (HS Code 270119):GN POWER DINGININ LTD. CO.: $39.89 million, with a month-on-month increase of $15.20 million.Philippines’ Major Trade Partners:China: As the largest trade partner of the Philippines, China's total export value to the Philippines was nearly $3 billion this month. Although there was a month-on-month decrease of $328 million, there was a year-on-year increase of $473 million. This suggests that despite short-term fluctuations, the long-term China-Philippines trade relationship remains on a growth trajectory.Indonesia: Ranking second, the total export value was approximately $1.057 billion, with a month-on-month increase of $82.97 million and a year-on-year increase of $94.99 million, indicating steady growth in trade with the Philippines.Korea: With a total export value of $908 million, Korea experienced a month-on-month increase of $61.15 million and a year-on-year increase of $118 million, showing an upward trend in exports to the Philippines, highlighting the close cooperation between the two countries in goods trade.Japan: Although the export value to the Philippines was around $820 million this month, it saw a month-on-month decrease of $142 million and only a $11.04 million increase year-on-year, indicating potential volatility in Japan-Philippines trade.United States: Ranking fifth with $760 million, showing slight month-on-month growth but a year-on-year decrease of $105 million, possibly due to market demand changes or tariff policy adjustments.Other key trade partners include Thailand, Vietnam, Singapore, Malaysia, and Taiwan (China), with some countries like Vietnam showing significant month-on-month growth.Philippines Exchange Rate Trend:Over the past 12 months, the Philippine Peso to USD exchange rate has shown an overall upward trend. From 56.82 in September 2023 to 57.24 in August 2024, this fluctuation indicates a relative depreciation of the Peso against the USD. This trend may be influenced by global market changes, the Philippine economic environment, and international trade conditions.Conclusion:The August 2024 customs data of the Philippines reveals changes in various import sectors. The demand for goods like integrated circuits, petroleum products, and motor vehicles highlights the ongoing development in the Philippines' manufacturing, technology, and consumer markets. The variety and significant value of goods imported from China reflect the deepening China-Philippines trade relationship.Major trade partners like China, Indonesia, Korea, and Japan underscore the Philippines' close trade connections with East and Southeast Asia. Meanwhile, the upward trend in the Peso's exchange rate against the USD poses new challenges for importers regarding costs and pricing strategies.Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information.For more detailed data, please visit NBD Data's official website: en.nbd.ltd...