Trading is one of the Philippines’ most important economic sectors and the country is currently the 41st largest states in the world in terms of exports. Also, one of the most important trading partners of the Philippines is the United States of America, therefore investors who want to open a company in the import/export sector here will have significant markets for their products.
Our company formation consultants in the Philippines can explain the regulations related to importing and exporting goods and services inside, respectively outside the country.
Goods imported and exported in the Philippines
According to the latest statistics, the most exported goods in the Philippines are:
– computer and computer spare parts;
– wood and related products;
– machinery and equipment;
– electrical devices.
Philippines companies are renowned for the production of electrical and computer parts which are destined for export.
When it comes to imports, the Philippines imports auto vehicles and crude petroleum the most. Other goods which represent a smaller share of the imports of Filipino companies are electrical circuits and foodstuff.
The Philippines’ most important import/export partners
When it comes to the countries the Philippines has goods trading relations with, apart from the US there are also:
– Japan, Hong Kong, China and Singapore in terms of exports;
– China, South Korea, Japan and Singapore in terms of imports.
It should be noted that the Philippines is a member states of the ASEAN (Association of Southeast Asian Nations) community and as such it has access to a wide network of free trade agreements.
Our Philippines company registration consultants can offer more information on the advantages of setting up a trading company in this country.
Import and export procedures in the Philippines
Philippines companies seeking to import or export goods into/outside the country must first register with the Bureau of Customs and must create a profile with the Client Profile Registration System.
Export regulations related to certain products imply registration with the Export Marketing Bureau or with the Economic Zone Authority, if the company operates in the Philippines free zone.
For more information on import/export procedures, please contact our Philippines company formation experts.