Introduction
The Acapulco-Manila Galleon Trade in 1565 is the beginning of commercial ties between Mexico and the Philippines, which represents an important contribution in the economy of the world by uniting three continents – Americas, Europe, and Asia. The trade route has also established a valuable avenue for the exchange of not only goods, but also for the exchange of culture, traditions, literature, and people-to-people interactions. Today, with both Mexico and Philippines as rising economies, the bilateral trade and investment relations are robust and constantly prospering.
The Philippines is considered to be the ideal entry bridge for Mexico’s products in the Southeast Asia. As such, the country is ranked 19th trading partner of Mexico with the total trade of more than $3 billion dollars. On the other hand, Mexico is the second most important market in the Americas for the Philippines, after United States, surpassing Canada and other Latin American countries. Mexico is also the 5th source of imports in the Americas for the Philippines.
This section is designed to showcase the different information, statistics, and data from various government agencies from both countries, regarding the commercial exchange between Mexico and Philippines. This will include the comparison of main economic indicators, main trade partners, and top products imported and exported of both countries.
Mexico – Philippines Main Economic Indicators (2020)
| This table shows the comparison of main economic indicators of Mexico and the Philippines, starting with population, total land area, GDP World ranking, GDP, GDP per capita nominal, World Export Ranking, GDP Growth, Exports and Imports, Main Trade Partners, and Foreign Direct Investment. |
| Source: Ministry of Economy, INEGI, BANXICO, FMI, Global Trade Atlas, World Bank, UNCTAD |
Top Export and Import Markets of the Philippines
Mexico ranks 14th as the most important destination of Philippine Exports. It is 2nd to the United States of America, surpassing Canada, in the American continents. Mexico has a total export from the Philippines of $546 million dollars.
Mexico ranks 45th as the most important importer of the Philippines. It has a total export of more than $100 million dollars. Mexico is the 5th source of imports in the Americas for the Philippines, after United States, Brazil, Canada, and Argentina.
Source: Tradeline Philippines (Interactive Trade Statistics); http://www.tradelinephilippines.dti.gov.ph:8080
Top Mexican Products Exported to the Philippines (Values in US thousand dollars)
| The top Mexican products exported to the Philippines are copper ores and concentrates with $167,538, followed by process units, such as memory, input and output units with $4,461. Next are wheat with $2,929, then followed by Local Area Network or also known as “LAN” with $2,261. Tequila, as one of Mexican products loved by Filipinos are next with the value of $2,015. Last, are the different types of casing tubes at $1,849 and motor boards with the export value of $1,087. |
| Source: Ministry of Economy, INEGI, BANXICO, FMI, Global Trade Atlas, World Bank, UNCTAD |
Top Products imported by Mexico from the Philippines (Values in US thousand dollars)
| On the other hand, the main products imported by Mexico from the Philippines are memory units with $604,193, followed by non-volatile semiconductors such as electronic flash storage card, memory stick, PC Card, secure digital, compact flash, and smart media with the total trade of $302,385. Next are Modular circuits with $184,653 and Hybrid Integrated Circuits at $116,354. The Photovoltaic Solar Cells followed with a total amount of $91,229, then the speed controllers with $53,431. Lastly, the AM-FM Tuners included in the top of the imported products with $34,170. |
| Source: Ministry of Economy, INEGI, BANXICO, FMI, Global Trade Atlas, World Bank, UNCTAD |
Bilateral Trade between Mexico and Philippines (Values in US dollars)
As the trade between Mexico and the Philippines continue to flourish since the Acapulco-Manila Galleon Trade, today, Mexico and Philippines share a total trade of $3.008 billion with the trade balance of $-2.530 billion.
Source: Ministry of Economy, INEGI, BANXICO, FMI, Global Trade Atlas, World Bank, UNCTAD
