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Andrea Dawn E.

Boycillo ECON 51 (F)


In a recent report by PSA, The Philippines export sales amounted to $4.732 billion in November
2016, a 7.5 percent decrease from $5.118 billion recorded value in November 2015.

The total imported goods by the country for the month of November 2016 amounted to $7.298
billion, an increase of 19.7 percent from $6.095 billion recorded during the same period a year
ago. Last 2010, the total value of exports amounted to US$50.72 billion, while the total value of
imports, US$59.9 billion.

Primary exports in terms of commodities included semiconductors and electronic products,

transport equipment, garments, copper products, petroleum products, coconut oil, fruits; primary
imports included commodities such as electronic products, mineral fuels, machinery and
transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic.

This proves that the Philippines remains to be a net importer rather than a net exporter. This is
not good in a sense that the country is buying more than earning. It seems that the country has
been too dependent on foreign trade that it has not been investing in its own resources.

The Philippines has not had a balance of trade (difference between the value of the incoming
products and the value of the outgoing products) over the past years. This means the country has
to pay more for the products which are bought outside, than the earnings from selling products to
foreign countries. This has always been the negative situation.

As defined by Investopedia, a country whose total value of all imported goods is higher than its
value of all exports is said to have a negative trade balance or deficit. However, there remain key
opportunities for the Philippines to develop country-specific strategies to optimize its overall
position in international trade. The country can do so by making use of what it has rather than
depending on what other countries have to offer.

Primary imports partners include Japan (12.5 percent of total imports), US (12 percent), China
(8.8 percent), Singapore (8.7 percent), South Korea (7.9 percent), Taiwan (7.1 percent), Thailand
(5.7 percent); primary exports partners include US (17.6 percent of total exports), Japan (16.2
percent), Netherlands (9.8 percent), Hong Kong (8.6 percent), China (7.7 percent), Germany (6.5
percent), Singapore (6.2 percent), South Korea (4.8 percent)

The countries that trade with the Philippines see benefits they could get out of it. Some might
include because the Philippines is one of the largest English speaking countries, which makes
Western goods and services popular in the area. The country is also a gateway to other Asian
markets, all within 4 hours flying time. It may also be because the Philippines is one of the
largest countries in terms of population.