IRON AND STEEL INDUSTRY OF PHILIPPINES – INSIDER NEWS AND FACTS
IRON AND STEEL INDUSTRY
The iron and Steel industry is one of
the most popular industries in the world. Every nation demands these items for
the smooth functioning of their day-to-day chores. In the year 2022, the global
market size of Iron and Steel was close to USD 1600 billion, and this is
forecasted to touch USD 1930 billion by the end of 2027. The main reason behind
the growth of this industry is none other than the series of construction and
development projects going on in every country, especially in developing and
emerging nations. Iron and steel products are used intensively in construction
and development plans.
One more strong reason behind this
unconventional growth in the Iron and Steel industry is the availability of
iron ores in abundance. These ores are responsible for the huge production of
steel as these ores are mined and transformed into steel and a variety of other
products. The demand for steel has also grown up during these years as this
material is used extensively in construction, automobile, and engineering
studies.
IRON AND STEEL INDUSTRY OF THE
PHILIPPINES
In the year 2022, as per the Philippines Import Data
report, the nation imported iron and steel worth USD 5.23 billion from various
nations.
The trend of imports of Iron and
steel is more or less consistent in the past few years with a small decline
observed in the year 2020 due to Covid-19 restrictions:
IRON AND
STEEL IMPORTS TO THE PHILIPPINES (2018-2022) |
|
YEAR |
IMPORTS |
2018 |
USD 5.21
billion |
2019 |
USD 3.93
billion |
2020 |
USD 3.26
billion |
2021 |
USD 4.88
billion |
2022 |
USD 5.23
billion |
In the year 2021, as per the Philippines
Trade Data report, the Philippines was the 28th biggest importer of
iron and steel in the world. This was accompanied by Iron and steel being the 6th
most favorite import product of the Philippines.
MAJOR COUNTRIES FROM WHOM THE
PHILIPPINES IMPORTED IRON AND STEEL IN THE YEAR 2022
The Philippines Imported Iron and
Steel from almost all the nations across the globe. If we need to pick the top
countries from all, then as per the Philippines Trade Data
records, the top 10 nations from whom the Philippines imported Iron and steel
the most were:
·
China (USD 2.18 billion)
·
Japan (USD 747.28 million)
·
Indonesia (USD 570.78 million)
·
Russia (USD 399.23 million)
·
Vietnam (USD 328.43 million)
·
Malaysia (USD 300.35 million)
·
Thailand (USD 218.09 million)
·
Taiwan (USD 187.73 million)
·
South Korea (USD 171.12 million)
·
India (USD 50.7 million)
Other major contributors were
Kazakhstan, the USA, and Bahrain. In the previous year 2021, nations like
China, Vietnam, and Indonesia were the fastest-growing countries that exported
iron and steel to the Philippines.
CONCLUSION
As the Philippines is one of the most
emerging and rapidly growing nations in the world, it is estimated that the
demand for iron and steel would grow in the nation in the coming time. We can
forecast this as being a developing nation, development and construction
activities in the Philippines will keep on happening on a frequent basis for
which iron and steel are needed. The domestic production, as well as the
international imports of these products, would rise which will create an impact
on the Philippines Import Data values.
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