Philippines
Main Characteristics
The Republic of Philippines is an emerging economy. It is a newly industrialised country and its economy has been transitioning from one based upon agriculture to an economy with more emphasis upon services and manufacturing. The Philippines, in its desire for development, embraced the World Trade Organization and its call for open markets and trade liberalization in 1995. According to 2013 World Bank statistics, The Philippine economy is ranked the 39th largest in the world and is currently one of Asia 's fastest growing economies being dubbed as a Tiger club economy. The Philippines has an estimated 2014 GDP (PPP) of US$ 694.615 billion experiencing a 6.1% growth in GDP (PPP). With a population of approximately 100 million its GDP (PPP) per capita is US$ 6,986.
Influence of Globalisation on this economy
The Philippines economy has been greatly affected by globalization. The country has been actively taking part in the process of globalization ever since the country signed agreements with World Trade Organization in 1995.
• Trade Flows and Patterns of Trade
- Top 5 Philippine exports include integrated circuits (23%), computers (10%), semiconductor devices (4.7%), office machine parts (3.6%) and electrical transformers (3%).
- Top 5 export destinations are China (23%), Japan (13%), United States (12%), Hong Kong (9.8%) and Singapore (5.4%)
- Top 5 imports include integrated circuits (13%), Crude Petroleum (9.3%), refined petroleum
States trades all over the world. In February of 2016 exports alone were $178 billion. Not surprisingly
Major imports include petroleum, coal, apparel, and gas. Major exports include automobiles, electronics, plastic, iron, and steel.
* Products that are commonly exported from the United States are things such as medicines, aircrafts, and cars. These are products are also important to humanity of different countries.
China in particular is the main Asia-Pacific country that Australia exports too. Raw and organic materials such as Iron ore, coal, crude petroleum and wool are major exported Australian products to China. In fact, around $102 billion dollars worth of exported goods and services are sold to china through
The most popular exports are gold, silver, cocoa, sugar, coffee, tobacco, meats, and consumer goods. As things are getting more advanced new ways to make money are being
15. Which of these countries is considered as one of the World 's most successful exporting nation?
Provide a timeline of major exports (what the nation used to heavily produce, what they are known for producing now, future trends) (Julie)
Mexico has a total of twelve free trade agreements that include 44 countries. Mexico exports an estimated $370 billion worth of products each year. Their top exporting partner is the United States who they export 70 percent of their exports to. Next is Canada who they export a mere 5.4 percent of their products to. Third on the list is Spain who they export a little over 2 percent of their exports to. Their top export is crude petroleum which totals out to over $45 billion a year, or 13 percent of their exports. Their second most export is automobiles which totals out to approximately $31 billion a year or 9 percent of their total exports. The third most exported product in Mexico is computers which come in at 5.4 percent of their total exports or approximately $19 billion. Mexico is also the top exporter of a few products such as silver, beer, and
Export dominated by mining sector with 40 % valued, followed by manufacture, construction and agriculture, forestry and fishing (REMPLAN 2015).
According to Export Nation, the state of Kansas exported $22.8 billion dollars worth of merchandise in 2012; the last year the information was available. Kansas ranked 30th out of the 50 states for exports. These exports were to both other states and foreign countries. Exports from the state of Kansas have risen from 11% of the gross domestic product in 2003 to 16.8% in 2012, gaining 5.8% in those 9 years. The city of Wichita, ranks 1st in the share and dollar amounts of exports. In 2012, the companies within the city exported $7.7 billion claiming 33.6% of the state’s exports. (Export Nation, 2012)
The impact of globalization on the Chinese economy can be seen through the increase in economic performance. Over the last two decades, the Chinese economy has experienced significant economic growth due to globalization. Globalization is responsible for reducing the barriers to trade and increasing the integration between different countries and economies. The reduction of trade barriers as well as the increased integration between different countries and economies resulted in an increase in foreign investment and international trading which leads
Philippines is an archipelago located in Southeast Asia near the equator. The Philippine archipelago consists of 7,107 islands divided into three major groups of islands which is Luzon, Visayas and Mindanao. As of 2016 the Philippine population is estimated to about 102,624,209 (World Fact Book). The Philippine nationality is termed Filipino and its population is made up of various ethnic groups. The national language is called Tagalog, it also the name of the major ethnic group of the country. According to Philippine Statistic Authority the population of urban area accounts for 45.3% of the country’s total population (Urban-Rural Classification). In contrast, the population in rural area is comprised of 54.7% and considered to be the majority population of the entire country. The Philippine climate is predominantly tropical marine where wet season occurs from November to April and is caused by the northeast monsoon. Similarly, the second set of rainy season, is caused by the southwest monsoon during May to October (World Fact Book). Additionally, the Philippine economy has been relatively resilient to global economic struggles because the country is less exposed to troubled international securities. The lower dependence on exports is what makes the country relatively resilient, relying only domestic products, as well as large remittances from millions of migrant and overseas Filipino workers (World Fact Book). The existing account balance has
The Philippine economy is progressively increasing according to the World Bank Org. According to the date compiled by CNN Money, the Philippines is projected to be the fourth fastest in the world, that has a GDP at 6.7%. It is projected that the Philippines economy is higher than Bangladesh 6.3%.The agriculture is one of the factors that affects the economy of the Philippines. It contributes the GDP and labor force in the Philippines.
It is known that the economy is definitely effected by globalization, but not always in a negative way. In a sense, the world revolves around some situations dealing
The information in the table highlights the impact of Asian foreign markets and the growing. China and Japan have been indifferently on the top position and has seen to takeover Unites States in the years stated (dfat.gov.au., 2016). There is no percentage, so the drawback lies in accurate comparison between countries amongst the distribution of export markets.