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THE ECONOMY OF THE PHILIPPINES IS ON WHEELS – THE AUTOMOBILE INDUSTRY OF THE PHI

The automotive or automobile industry of the Philippines is considered one of the biggest industries in the Asia-Pacific region and is placed in 9th position in terms of annual revenue and growth. You would be surprised to know that most of the vehicles sold in the Philippines belong to international companies and are entirely built domestically.

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THE ECONOMY OF THE PHILIPPINES IS ON WHEELS – THE AUTOMOBILE INDUSTRY OF THE PHI

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  1. THE ECONOMY OF THE PHILIPPINES IS ON WHEELS – THE AUTOMOBILE INDUSTRY OF THE PHILIPPINES ALL ABOUT THE AUTOMOBILE INDUSTRY OF THE PHILIPPINES PAST The automobile industry was first established and became operational during the years 1898 to 1946. At that time, the local people used animal-driven vehicles while the elite category of people could only afford these newly introduced vehicles in the market. Initially, imports from US automobile manufacturers dominated the

  2. Philippine market such as Mercury, Buick, and Ford. Later, due to various import policies and sanctions, imports of fully built cars got prohibited. PRESENT The automotive or automobile industry of the Philippines is considered one of the biggest industries in the Asia-Pacific region and is placed in 9th position in terms of annual revenue and growth. You would be surprised to know that most of the vehicles sold in the Philippines belong to international companies and are entirely built domestically. This production of automobiles in the Philippines comes under the PMVD program which was bought into force and governed by the Board of Investments. The Philippines imports automobiles and cars majorly from these nations- Thailand, Indonesia, South Korea, Thailand, China, and India. Based on the Philippines Trade Data for the last 5 years (2018-2022), the imports and exports of automobiles (excluding parts and accessories) to and from the Philippines are as follows: IMPORTS AND EXPORTS OF AUTOMOBILES TO AND FROM THE PHILIPPINES YEAR IMPORTS 2018 USD 8.64 billion 2019 USD 8.48 billion 2020 USD 5.16 billion 2021 USD 7.00 billion 2022 USD 8.78 billion EXPORTS USD 1.11 billion USD 1.06 billion USD 939.1 million USD 1.17 billion USD 953.8 million TOTAL TRADE USD 9.75 billion USD 9.54 billion USD 6.09 billion USD 8.17 billion USD 9.73 billion According to the table above, the Philippines Import Data showed a little decline in the year 2020 which can be due to the decline in the imports made by the

  3. Philippines during the pandemic but after that, the imports of automobiles in the nation took a long jump. Similar is the case with the Philippines Export Data report. The country recorded a decline in the year 2020 but since then, the exports of automobiles are also rising. MAJOR COUNTRIES FROM WHOM THE PHILIPPINES IMPORTS AUTOMOBILES THE MOST As per the latest insights derived from the Philippines Import Data for the year 2022, the top countries from whom the Philippines Imports automobiles the most were: Indonesia (USD 3.09 billion) Thailand (USD 2.23 billion) China (USD 1.27 billion) Japan (USD 1.01 billion) India (USD 412.17 million) Korea (USD 131.4 million) Apart from these nations, the Philippines also imports automobiles from Vietnam, Israel, the USA, and many more major nations. MAJOR COUNTRIES TO WHOM THE PHILIPPINES EXPORTS AUTOMOBILES THE MOST Just like the Philippines Imports automobiles from around the world, similarly, the nation exports automobiles too. So, according to the Philippines Export Data for

  4. the year 2022, the major nations to whom the Philippines exported automobiles the most were: Thailand (USD 325.36 million) Japan (USD 179.04 million) Argentina (USD 63.06 million) The USA (USD 61.95 million) Indonesia (USD 56.77 million) Singapore (USD 46.02 million) China, South Africa, India, and Malaysia were also the biggest export partners of the Philippines in the year 2021. ACTIVE CAR MANUFACTURERS IN THE PHILIPPINES AT PRESENT As per the data for the month of February 2021, in total there are 58 brands that are popular and operational in the nation. Some notable brands amongst them are: General Motors (operational since 2014) Isuzu (operational since 1950) Honda (operational since 1990) Hyundai (operational since 2001) Kia (operational since 1994) Mercedes-Benz (operational since 1990) Toyota (operational since 1988) LET’S PULL THE HAND BREAK – CONCLUSION In the end, we just want to put stress on the point that the automobile industry is the main driving industry of any economy and just like that, it is the major industry

  5. of the Philippines too. This can easily be analyzed by referring to the trade statistics too. In the year 2022, the contribution of the automobile sector in total exports was 1.2% whereas in total imports, the contribution of this market was 6%. For more information related to The Philippines Trade Data and its recent analysis, contact TradeImeX today and get all your queries cleared. Apart from the Philippines, we also provide Import Export Data for 70+ major countries like Vietnam, Turkey, Indonesia, etc. Source philippines-is-on-wheels.html URL:https://usexportdata.blogspot.com/2023/05/the-economy-of-

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