In 2022, China Customs data revealed that bilateral trade between the Philippines and China reached nearly $87.7 billion, showcasing an average annual growth of 7.1%.
Notably, Philippines imports from China amounted to $29.8 billion in 2022, as per the United Nations COMTRADE database. In the first nine months of 2023, these imports totaled $21.7 billion, according to the Philippine Statistics Authority.
China's ability to export a lot to the Philippines arises from the global competitiveness of its products. Key commodities include electric motors, iron and steel products, machinery and apparatus, plastics, vehicles, mineral fuels, furniture, shoes, and garments. This diverse range of competitive products strengthens China's role as a significant trade partner for the Philippines.
However, in the uncertainties of global trade, both parties in the Philippines and China seek assurance in financial transactions. This is where Sinosure China's export credit insurance comes into play.