BILATERAL TRADE ANALYSIS OF THE PHILIPPIAN AND KOREAN MARKET


 

THE PHILIPPINES AND KOREA – BILATERAL RELATIONS

 

The Philippines and South Korea are one of the best bilateral trade partners in history. Apart from being close bilateral trade partners, the Philippines and South Korea are also the best military allies. The economies of both countries are close-knit concerning trade, tourism, and immigration services.

 

The first bilateral trade or diplomatic relations between both nations were established on 3rd March 1949 with the Philippines becoming the 5th country to officially recognize South Korea as an independent nation. At present, South Korea is one of the major trade partners of the Philippines as per the latest Philippines Trade Data report, 2022. The official central governments of both countries also keep on updating and bringing new policies to strengthen bilateral ties between nations. Various mutual trade agreements have been already signed to smooth up the trade flow and many agreements are in the pipeline of getting signed.

 

BILATERAL TRADE STATISTICS BETWEEN THE PHILIPPINES AND SOUTH KOREA

 

Below is the trade that happened in the last 5 years between the Philippines and South Korea. To understand this better, we have added a statistical table below:

 

BILATERAL TRADE TREND BETWEEN THE PHILIPPINES AND KOREA

YEAR

PHILIPPINES > KOREA

KOREA > PHILIPPINES

TOTAL TRADE

2018

USD 2.54 billion

USD 11.5 billion

USD 14.04 billion

2019

USD 3.2 billion

USD 8.5 billion

USD 11.7 billion

2020

USD 2.53 billion

USD 7.01 billion

USD 9.54 billion

2021

USD 2.57 billion

USD 9.62 billion

USD 12.19 billion

2022

USD 3.12 billion

USD 12.73 billion

USD 15.85 billion

 

As seen in the table above, the values recorded in the Philippines Export Data are close to each other and did not show any major deviation, whereas on looking at the Philippines Import Data values, the deviation is observed throughout five years. Bilateral trade has gone up by USD 1.81 billion from 2018 to 2022.

 

MAJOR EXPORTS OF THE PHILIPPINES TO SOUTH KOREA

 

As per the Philippines Export Data for the year 2022, the major exports from the Philippines to South Korea were:

 

·        Electrical machines and appliances (USD 1.58 billion)

·        Mineral fuels and oils (USD 304.53 million)

·        Optical and precision tools (USD 212.93 million)

·        Edible fruits and nuts (USD 204.15 million)

·        Copper items (USD 112.03 million)

·        Tobacco and its substitutes (USD 103.87 million)

 

Other major exports were rubberized products, iron and steel, and organic chemicals.

 

MAJOR IMPORTS OF THE PHILIPPINES FROM SOUTH KOREA

 

Just like exports, the Philippines also imported multiple items from South Korea in the same year 2022. Some of the major imports as per the Philippines Import Data report were:

 

·        Mineral fuels and oils (USD 5.07 billion)

·        Electrical machines (USD 4.55 billion)

·        Mechanical appliances (USD 652.67 million)

·        Plastic products (USD 314.4 million)

·        Copper items (USD 195.6 million)

·        Iron and steel (USD 171.12 million)

 

Other imports to the nation from South Korea were automobiles, pharmaceutical products, and organic chemicals.

 

CONCLUSION – THE LAST VERDICT

 

We are glad that you are reading this blog here. In the end, we just want to add the relations between the Philippines and South Korea. Also, there are no reasons up till now that can cause any problems in the trade relations between them. We recommend you trade with these nations as the economies of both countries are good. For more information, contact us today.

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