Exploring the Top Import Products in the Philippines

The Philippines is one of the Southeast Asian archipelago nations and is a major player in the international commercial arena. It is a significant player in the world market. The Philippines’ economic system is an emerging market classified as a newly industrialized nation within the Asia-Pacific region. In 2022, it was reported that the Philippines’ GDP grew by 7.6 percent. The country is not part of the group of 20 nations; more precisely, it is categorized as an emerging market of the second tier or a newly industrialized nation.

The Philippines is ranked 33rd overall in imports. Its imports in 2022 were estimated at US$10.26 billion. The most frequently imported items include interconnected circuits, petroleum oils, pharmaceutical products, coal, and motor cars. China, Indonesia, Japan, South Korea, the United States, and Singapore are its main import partners.

So, what exactly is what exactly are the Philippines best imports? In this blog, we’ll take a look at the Philippines top import products that help keep the country running.

What’s the price of Philippines Import?

According to Philippines import data, the country’s import performance declined by 9.57 percent from January to October 2023, ranging from US$116,083.29 million to US$104,974.10 million, compared to the same time frame the prior year.

According to the Philippines Importers data, the country’s imports in 2022 totaled around USD 10.26 billion. Electronic devices were among the most importable goods in 2022, totaling $2.42 billion.

The value of goods imported into the Philippines increased by $11 billion in 2022 (from 138 billion dollars in 2021). Let’s look at the Philippines’ most popular imports and provide an in-depth review of trends in imports for 2022–23.

Philippine’s Top 10 Imports: Global Partners

The Philippines depends on a robust international network to fulfill its requirements for imports. Here’s a list of the top 10 Philippines importers:

• China
• Indonesia
• Japan
• Korea
• USA
• Singapore
• Thailand
• Other Asian countries
• Malaysia
• Vietnam

The Philippines are among the top importers in the world. They are primarily Asian economies. China is the largest supplier, and Indonesia, Japan, and South Korea play important roles in supplying technology and resources.

Southeast Asian neighbors, such as Thailand and Malaysia, are significant contributors to regional commerce. The diversification can be offset by a substantial percentage of “Other Asian nations,” which indicates more comprehensive connectivity throughout the world. If you require current market information, including Philippines top import goods Philippines importers’ information get in touch with Seair Exim Solutions.

Then, look over the Philippines major imports list!

Philippines top 10 imports items

As per Philippines import data these are the most popular Philippines import goods:

1. Micro and integrated circuits as well as electronic components: Electronic integrated circuits as well as microassemblies identified in HS code 85429010 were among the Philippines top exports in 2023. The Philippines is a vital source of these tiny chips, which form the basis of modern electronics and are a vital component of the booming technology industry and the growing demand for electronic devices.
2. Oils of petroleum: Refined petroleum to power the transportation industry of the United States and provide vital energy sources. Petroleum oil is the fuel for vehicles such as automobiles (HS code 8703) or trucks (HS code 8704) and trucks (HS code 8704). Additionally, it plays a significant part in the generation of electricity.
3. Coal, briquettes, and solid fuels derived from coal: Coal briquettes, an uncompressed coal product, make up a significant element and are among the Philippines’ most popular imports. According to Philippines import statistics, the value of total imports was 2.08 percent in 2023.
4. Motor automobiles and other motor vehicles: While the Philippine economy grows, so does the demand for cars, trucks, automobiles, and other vehicles that facilitate the individual’s mobility and business. When the Philippine economy expands and the population increases, so too does the demand for private automobiles (HS code 8703) or commercial automobiles such as trucks (HS code 8704) for transporting goods.
5. Photographic, optical, and medical equipment: This category includes many different products, including eyeglasses and cameras, as well as medical equipment used in health care services. According to Philippine importers’ records, the total value of imports was 2.08 percent in 2023.
6. Pharmaceutical products: The Philippines imports a substantial amount of medicines to ensure that its citizens have access to healthcare items.
7. Meslin and wheat: While rice is still the primary grain, wheat is an important ingredient in producing noodles, pasta, bread, and many other meals. According to Philippines trade statistics, the total value of imports was 2.08 percent in 2023.
8. Electronic apparatus to support line telephony or line telegraphy: This category is likely to include equipment for telecommunications infrastructure crucial to effective communications networks' functioning. It is also considered to be among the Philippines’ top export products.
9. Parts and Accessories: This broad category includes spare parts for various automobiles, machinery, and electronic equipment that ensure proper operation and maintenance. According to Philippine import statistics, the total value of imports was 2.08 percent in 2023.
10. Oil cakes and various solid wastes: These remnants of oil production can be used for animal feed or as fertilizer, benefiting the agriculture industry.

These are the Philippines major imports list. If you’re looking for current global trade statistics, Connect now and grow your trade operations immediately.

How do I find Philippine Importers’ data?

Suppose you are looking for the most up-to-date list of important imports into the Philippines, the Buyer’s List of the Philippines, or the top products imported into the Philippines. In that case, you first need to understand the complexities of international trade.

China, as a major market, is an ideal destination for the Philippines’ top import items. To successfully import goods into the Philippines, firms must comply with trade regulations, understand market trends and the HS codes, and know the specific Philippines’ top import items.

For accurate Philippines importers data, businesses must look for exact and up-to-date import data from the top import export data source like Seair Exim Solutions, and get global trade data without any delays.

Wind Up

As we come to the end of this article, it is important to highlight this: the Philippines is a growing nation rapidly expanding in infrastructure, trade, and healthcare facilities. Therefore, the Philippines’ top imports offer a comprehensive view of the country’s economy and trade patterns.

It doesn’t matter if it’s electronic circuits integrated into the system or oil motor vehicles; the Philippines actively invests in international trade to meet diverse requirements. We hope that you enjoyed our informative blog post on the Philippines’ top imports of products and the top 10 importers in 2023.

Please feel free to contact Seair Exim Solutions for any inquiries regarding export import information or global trade data. Our team of experts will help you get the most out of their expertise. To arrange a no-cost live demonstration, click here.