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According to the international monetary fund, the economy of the Philippines is the 32nd largest economy by nominal GDP in the world and 12th largest economy in Asia, and the 3rd largest in ASEAN. The Philippines is one of the fastest growing and emerging markets in the world.

Philippines export data reveals that its primary exports include semiconductors, copper, petroleum product, garments, transport equipment, coconut oil, and fruits.

The top trading partners of the Philippines are the United States, China, Japan, Hong Kong, Singapore, and Thailand.

According to Philippines trade data, it exported USD 74.6% billion worth of goods around the world in 2021, which is 18% more than in 2017, and it has been increasing at the rate of 16.8% from 2020 to 2021.

Philippines trade Data activities in 2022

Philippines trade data shows that the country’s total external trade made up to USD 19.13 billion which shows a 16.1% increase in annual growth rate.

Philippines export data

In June the country’s total export sales increased by 1 percent which amounted to USD 6.64 billion.

In the commodity sector, the electronics product was highest as always. It alone made up 53% of total exports. This was followed by minerals products which were 7.3% and other manufactured goods comprised only 5.3%.

The export data shows that there was an increase in personal protective equipment and medical supplies in June 2022, and the increase in the supply of surgical masks at 618.0 percent contributed to rising in the export of personal protective equipment and medical supplies. Meanwhile, the export value of another kind of masks like cloth masks decreased at the rate of -38.2%.

Philippines export data reveals that in June 2022 Unites States was the major trading partner in exporting among the other export partners.

Philippines import data

Total imported goods increased in the Philippines at the annual rate of 26.0 percent, which comprised of USD 12.49 billion.

According to Philippines import data its annual import improves in June due to lubricant, minerals, and fuels-related materials which contributed 125.15. this was followed by iron and steel which increased by 34.3 percent and later telecommunication equipment and electronic machinery which rose by 23.1percent.

Most imported products in the commodity group were electronic products which made up the import value of USD 2.8 billion in June.

In general types of goods, the import of raw minerals and intermediate products contributed the biggest share out of all the imported goods making 37.1 percent which amounts to USD 4.36 billion. This was followed by imports of capital goods (24.9%) and mineral, fuel, lubricant related products (21.2%)

However, the Philippines import data shows that the import of personal protective equipment and medical supply majorly the COVID-19 vaccine declined to USD 17.42 million in June 2022.

The Philippines import data shows that China was the country’s biggest importer. The value amounted to USD 2.55 billion which is 20.4% of the total import value.

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BIRD EYE VIEW OF IMPORT EXPORT DATA OF TURKEY

Turkey is a transcontinental country that is having some of its land area in South-eastern Europe and some of its part in western Asia. As per the import export data of Turkey, it imported goods worth USD 219 billion in the year 2020 which was certainly an increase that was observed when it is compared to the year 2019 by almost 9.2%. Due to this upward trend in global imports, turkey was ranked at position 26 in the year 2020.

The import data collected for Turkey is a collection of each company’s business activities. The import data is purely based on shipping and import bills, invoices, and other important documents.

On the other hand, Turkey was ranked the 30th largest exporter of goods across the world as its total exports in the year 2020 were nearly USD 170 billion which was lesser than the year 219 by 0.9%.

Turkey export data always contains information about names of buyers and sellers, country names, HS codes, product descriptions, price, and quantity.

The population of Turkey was close to 84.2 million in the year 2020. If we calculate the per-person demand for Turkey in the year 2020, as per the import-export data of Turkey, there was a per-person demand of USD 2,600 in this country.

WHAT EXPERTS SAY ABOUT TURKEY IMPORT DATA

As per import stats, which is derived from Import export data of Turkey, the country got to 26th position in 2020 in most imports. Country deals in following items for import purpose from other countries.

Mineral Fuels and Oils (13.1%)

Pearls and Precious Stones (12.1%)

Machinery (11.5%)

Electrical Machinery and equipment (7.8%)

Vehicles (6.9%)

Iron and steel (6.8%)

Plastics (5.3%)

As per Turkey import data, the top 10 goods constituted almost 70% of overall imports. It is also noticed that year over year drop is seen in imports of Mineral fuels to the country.

The major countries with whom turkey is involved in importing goods are China (USD 23bn), Germany (USD 21.7bn), Russia (USD 18 bn), the USA (USD 11.5bn), Italy (USD 9.1bn), South Korea (USD 5.7bn) and UAE (USD 5.6bn).

According to Turkey Import export data, the top 10 import partners of Turkey constitute 54% of overall import trade. European countries are more inclined toward exporting their goods to Turkey. Asian partners just serve one-third of import sales. The remaining 6.1% of imports are derived from North American partners.

SCHOLARS’ VIEW ON TURKEY EXPORT DATA

As per export data, which is derived from Import export data of Turkey, the country got to 30th position in 2020 in most exports around the globe. Country deals in following items for export to the purpose from other countries.

Vehicles (13.0%)

Machinery (9.9%)

Iron and steel (5.2%)

Apparels and clothing (4.9%)

Plastics (4.1%)

Pearls and precious stones (3.9%)

Articles of iron and steel (3.7%)

As per Turkey export data, the top 10 goods constituted almost 57% of overall exports. For a few years now, fruits and nuts were the rapidly growing exporting sector. Turkey’s exports showed a considerable jump as compared to 2019 of almost 15.5%.

The major countries with whom turkey is involved in exporting goods are Germany (USD 15.9bn), the UK (USD 11.2 bn), the USA (USD 10.1bn), Italy (USD 8bn), France (USD 7.2bn), and Russia (USD 4.4bn).

According to Turkey Import export data, the top 10 export partners of Turkey constitute 49% of overall export trade. European countries are more inclined toward importing goods from Turkey. Asian partners contribute just 26% of total exports. The remaining 6.9% of imports are derived from North American partners.

JUICE OF ARTICLE, FRESHLY SERVED BEFORE YOU

We thank you if you are reading this article till this point and got some knowledge about current trends related to import export data of Turkey. Currently, Turkey is a rapidly growing country and is growing at a much faster pace. So, if we believe the numbers, then we can conclude that the exports are in a growing stage, but imports are fluctuating. If this trend continues, then the country will witness a trade surplus in some years and which can be used for the betterment of the country’s infrastructure, economy, and in various other ways.

OUR OPINION

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LET’S SKIM UPON AND UNDERSTAND WHAT IS GLOBAL TRADE

Global trade, as the term suggests, is a process of exchanging goods and services across international borders. Various processes that are included in it are imports, exports, FDI, job outsourcing, setting MNCs, etc.

Through global trade, there arises an international economic interaction between sellers and buyers in different countries. Since 1991, when globalization took over, global trade is expanded by several folds.

One of the main benefits of foreign trade is that it increases the reach of local traders and vendors, and because of this, they are motivated to do more experimentation with their products to meet the global needs and demands. Other benefits may include Global economic growth, Reduction in global poverty, competitive pricing, and wide variety of products for customers.

3 ‘FACES’ OF INTERNATIONAL TRADE

International trade is primarily classified into 3 faces which are based on inflow or outflow of goods and services.

IMPORT TRADE - It is a type of trade which is done when one country purchases any commodity from other country in exchange for money. For instance, India buying petroleum from Iraq.

EXPORT TRADE - It is a type of trade which is done when a country sells its domestic product or service to other country in return of money. For instance, India selling plastic products to the USA.

ENTREPOT TRADE - This type of trade involves both imports and exports. For instance, company B imports some goods from country A, improvise the products and exports the same to country C.

GLOBAL TRADE DATA- SAVIOR OF GLOBAL TRADE

In current scenario, all the countries are taking part actively in global trade to expand their markets and to increase their economy. Now the point is, how to keep records of imports, exports and entrepots of different countries on regular basis. For this, every country maintains its Global trade data where it records all necessary information about the products, their prices, quantity, most imported and exported goods, etc. at one place so that it gets easy to understand for the trader.

Global trade datais considered as one of 3Cs of foreign trade (compliance, content, and connectivity). Every detail about the product, source country and destination country is mentioned in the data. Global trade datais collected from each country and consists of shipment data of whole world. This data is very crucial for traders, bankers, and logistics service providers.

For exporters, Global trade data is a necessity as they study this data to find out that which country has the most demand of their products and what is the growth potential of that country. This helps exporters to get high profits. Also, exporters must keep an eye over the changing data and fluctuating values to get an idea about the idle time and best country where they should export their products to. Global trade data also provides data about different ports to exporters which help them to stay ahead of their competitors, increase profit margins and keep market risks negligible.

For importers, global trade data is very crucial as it helps them to study about the products which may or may not have enough potential in domestic markets of importers. Global trade data is an initial stage to fetch contact details of interested sellers and buys.

INSIGHTS ABOUT USA TRADE DATA

USA trade data confirms that USA is the world’s biggest economy and mega exporter and importer of goods and services. Trading flows in veins of each citizen of the USA. Due to this discrete trait of the citizens, USA’s economic growth has increased by several folds and USA trade data keeps increasing year after year.

INSIGHTS ABOUT CHINA TRADE DATA

As per China trade data, China stood at number 2 in world’s top countries in terms of GDP; number 1 in exports and 2nd in total imports in year 2020. As per Economic Complexity Index, China was at 28th position.

Latest insights about China export-import data says that in July 2022, China exported goods worth $333B and imported worth $232B which in turn resulted in giving positive trade balance of approximately $101B. As compared to previous year July 2021, exports of China have increased by 17.8% while imports jumped by 2.49%.

LAST WORDS OF SPEECH

Thanks for showing interest in our article and reading it till here. At last, before giving rest to our words, we conclude by saying that Global trade data is truly a savior of import-export data as global trade data accumulates all the trades and mention them in a systematic order to give a clear view to the researcher about the data of each country.

Importers, exporters, and marketers who have keen interest in this area and are into trading regularly can refer to this global trade data and get all the insights that they want about any buyer or seller of any country. To get the accurate database, one must always reach out to some reliable global trade data providers.

BONUS POINT

If you are a type of person who is into international trading and looking for any advice or consultancy or data of any country, then feel free to contact TradeImeX® Info Solution Private Limited. We, at TradeImeX®, strive hard to provide 100% accurate global trade data to our clients and are one the leading global trade data providers. We provide quick and responsive customer support. Due to this USP or ours, we have won hearts of more than 5000 clients till date. We deliver best and updated database to our clients so that they can expand their profits and reduce market risk to a very greater extent.

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