China-Philippines trade grew by 18.3% in January 2019
According to the statistics from the Statistics Department of the Philippines, the total import and export trade of goods in the Philippines in January 2019 was 14.314 billion U.S. dollars, a year-on-year increase of 2.9%. The import value was 9.035 billion US dollars, up 5.8% year-on-year; the export value was 5.279 billion US dollars, down 1.7% year-on-year; the trade deficit was 3.756 billion US dollars. Mainland China, Japan, the United States, South Korea, Hong Kong are the top five trading partners of the Philippines. China is the Philippines' largest trading partner, the largest source of imports and the fourth largest export destination. The bilateral trade volume between the Philippines and China was 2.646 billion US dollars, accounting for 18.5%, an increase of 18.3%. Philippine importing from China reached US$ 2.05 billion, up 24.5% year-on-year; Philippine exporting to China were US$ 641 million, up 2.3% year-on-year, and the Philippines trade deficit with China is US$ 1.365 billion. Japan is the Philippines' second largest trading partner, the third largest source of imports and the largest export destination. The bilateral trade volume between the Philippines and Japan was 1.674 billion U.S. dollars, a year-on-year decrease of 4.5%. The bilateral trade volume of the Philippines increased by 31.4% year-on-year. Germany surpassed Malaysia to become the Philippine's tenth largest trading partner.
