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China-Philippine trade volume surge to record high
Chinese Customs data show that the China-Philippine trade volume of Year 2007 surge to $30.62 billion record high, surpassed the $30 billion goal for 2010 that was set in 2005 when Chinese leader Hu Jingtao visited the Philippines.
Rapid development of bilateral trade.
Recall the development process of China-Philippine trade since the start of the 21 st century, the vigorous growth trend is very prominent. The bilateral trade volume is a mere $3.14 billion in 2000, from then on bilateral trade volume grew rapidly with an average growth rate of more than 35%, by Year 2006 it hit $23.41 billion, 360 times as much as that of 1975 when the two nations established diplomatic relations! Trade volume of 2007 surge to record high, more than 10 times as much as that of 2000, strongly indicates the huge development potential of bilateral trade. At present, Philippine has becomes the 19th biggest trade partner of China, the 4th among ASEAN countries; China is the third biggest trade partner of Philippine, and the first if Philippine trade with Hong Kong and Taiwan are included.
The rapid growth of China-Philippine trade is due to the continuous strengthening of the friendly bilateral relationship. The frequent exchange of high level visit by the leader of both countries has greatly promote the comprehensive cooperation between two sides in every field, the leaders of both countries have spoken highly the bilateral relationship as entering an golden age on various circumstances. After the successful visit to Philippine made by the Chinese Premier Wen Jiabao, President Arroyo visited China four times in one year, break the record ever made by a leader in visiting a specific country. The high frequency and exposure of bilateral visit has strengthened the understanding and friendship between peoples of both countries and promote the cooperation and exchange between two countries. The tourists visiting Philippine from China has surpassed 150 thousands, China has become the 4th largest source of tourist for Philippine.
China-Philippine trade in recent years
(Value in US$ billion)
year Total value Chinese export Chinese import Chinese deficit
2000 3.14 (+ 37.4%) 1.46 (+6.2%) 1.68 (+84.8%) 0.22
2001 3.57 (+13.5%) 1.62 (+10.6%) 1.95(+16%) 0.33
2002 5.26 (+47.5%) 2.04 (+26%) 3.22 (+65.4%) 1.18
2003 9.4 (+78.7%) 3.09 (+51.5%) 6.31 (+96%) 3.22
2004 13.33 (+41.8%) 4.27 (+38%) 9.06 (+43.6%) 4.79
2005 17.56 (+31.7%) 4.69 (+9.8%) 12.87 (+42.1%) 8.18
2006 23.41 (+33.3%) 5.74 (+22.4%) 17.67(+37.3%) 11.93
2007 30.62 (+30.8%) 7.5 (+30.7%) 23.12 (+30.8%) 15.62
Source: Chinese Customs data
Note: + growth rate increasing
The severe trade imbalance
With the rapid growth of bilateral trade, the problem of trade imbalance has become more and more prominent. The Chinese Customs data show that the export volume to Philippine is $7.5 billion, while the import volume from Philippine is $23.12 billion in the year 2007 leading to a huge trade deficit of $15.62 billion by the Chinese side.
The composition of import & export commodity needs optimize
On the one hand, the commodities exported to Philippine are diversified, including electronic products, textiles and clothing, steel, light industrial utensil ext. On the other hand, the imports categories from Philippine by the Chinese side are relatively concentrate, with electronic products account more than 80% of the total imports volume. The trade complement between two sides needs to be enhanced.
Rapid development of bilateral trade.
Recall the development process of China-Philippine trade since the start of the 21 st century, the vigorous growth trend is very prominent. The bilateral trade volume is a mere $3.14 billion in 2000, from then on bilateral trade volume grew rapidly with an average growth rate of more than 35%, by Year 2006 it hit $23.41 billion, 360 times as much as that of 1975 when the two nations established diplomatic relations! Trade volume of 2007 surge to record high, more than 10 times as much as that of 2000, strongly indicates the huge development potential of bilateral trade. At present, Philippine has becomes the 19th biggest trade partner of China, the 4th among ASEAN countries; China is the third biggest trade partner of Philippine, and the first if Philippine trade with Hong Kong and Taiwan are included.
The rapid growth of China-Philippine trade is due to the continuous strengthening of the friendly bilateral relationship. The frequent exchange of high level visit by the leader of both countries has greatly promote the comprehensive cooperation between two sides in every field, the leaders of both countries have spoken highly the bilateral relationship as entering an golden age on various circumstances. After the successful visit to Philippine made by the Chinese Premier Wen Jiabao, President Arroyo visited China four times in one year, break the record ever made by a leader in visiting a specific country. The high frequency and exposure of bilateral visit has strengthened the understanding and friendship between peoples of both countries and promote the cooperation and exchange between two countries. The tourists visiting Philippine from China has surpassed 150 thousands, China has become the 4th largest source of tourist for Philippine.
China-Philippine trade in recent years
(Value in US$ billion)
year Total value Chinese export Chinese import Chinese deficit
2000 3.14 (+ 37.4%) 1.46 (+6.2%) 1.68 (+84.8%) 0.22
2001 3.57 (+13.5%) 1.62 (+10.6%) 1.95(+16%) 0.33
2002 5.26 (+47.5%) 2.04 (+26%) 3.22 (+65.4%) 1.18
2003 9.4 (+78.7%) 3.09 (+51.5%) 6.31 (+96%) 3.22
2004 13.33 (+41.8%) 4.27 (+38%) 9.06 (+43.6%) 4.79
2005 17.56 (+31.7%) 4.69 (+9.8%) 12.87 (+42.1%) 8.18
2006 23.41 (+33.3%) 5.74 (+22.4%) 17.67(+37.3%) 11.93
2007 30.62 (+30.8%) 7.5 (+30.7%) 23.12 (+30.8%) 15.62
Source: Chinese Customs data
Note: + growth rate increasing
The severe trade imbalance
With the rapid growth of bilateral trade, the problem of trade imbalance has become more and more prominent. The Chinese Customs data show that the export volume to Philippine is $7.5 billion, while the import volume from Philippine is $23.12 billion in the year 2007 leading to a huge trade deficit of $15.62 billion by the Chinese side.
The composition of import & export commodity needs optimize
On the one hand, the commodities exported to Philippine are diversified, including electronic products, textiles and clothing, steel, light industrial utensil ext. On the other hand, the imports categories from Philippine by the Chinese side are relatively concentrate, with electronic products account more than 80% of the total imports volume. The trade complement between two sides needs to be enhanced.
