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IRON AND STEEL INDUSTRY OF PHILIPPINES

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.

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IRON AND STEEL INDUSTRY OF PHILIPPINES

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  1. 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

  2. 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 2018 2019 2020 2021 2022 IMPORTS USD 5.21 billion USD 3.93 billion USD 3.26 billion USD 4.88 billion 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.

  3. 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

  4. international imports of these products, would rise which will create an impact on the Philippines Import Data values. For more information, contact TradeImeX today and get the most authentic information and trade data from us. So, hurry! And contact us by mail, call, or direct message. WEBSITE: https://www.tradeimex.in | EMAIL ID: info@tradeimex.in Source URL : https://usexportdata.blogspot.com/2023/06/iron-and-steel- industry-of-philippines.html

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