Other commercial services exported by the country are worth $23.5 billion, the 13th largest in the world
The Philippines is one of the top exporters and importers of merchandise goods and commercial services in the world, the World Trade Organization (WTO) said in its annual World Trade Statistical Review, which was released 30 July.
The country was among the top 30 merchandise traders last year, recording $63 billion, its highest for the past 10 years. However, imports on merchandise goods grew by $13 billion to a 10-year high at $98 billion during the same year, recording a net import of $35 billion of merchandise trades in 2017.
Commercial services exports of the Philippines were up $36 billion in 2017 from $31 billion in 2016 which is good for 20th place. Imports of services rose slightly by $2 billion to $26 billion to rank at 24th, excluding European Union member-states.
The country’s intermediate food exports were recorded at $38.75 billion in 2016, slightly lower than $40 billion in 2015. Imports of similar products were higher at $50.23 million for 2016.
The Philippines was one of Japan’s top sources of commercial service imports.
The report added the Philippines was one of Japan’s top sources of commercial service imports, with 1.1 percent of the total Japanese imports of commercial services in 2016 at $2.026 billion to support Tokyo’s industrial sector. The country was also one of the top 15 sources of imports by Australia and Singapore, with total imports of $1.064 billion and $683 million, respectively.
The country, meanwhile, was the top destination of commercial service exports from Hong Kong, listing $1.137 billion in 2016 and the 13th biggest destination of New Zealand’s commercial services at $135 million.
The latest WTO publication reported the Philippines was one of the leading worldwide exporters of goods-related services, amounting to $2.8 billion in 2017.
The amount of exports puts the country ahead of some economic powerhouses like Korea and Japan.
Among all exporters of manufacturing services on physical inputs, the national economy ranked third with $2.767 billion, only behind EU and China.
Other commercial services exported by the country are worth $23.5 billion, the 13th largest in the world.