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Steel Imports Report: Philippines
Background
The Philippines is the world’s 17th-largest steel importer. In 2018, the Philippines imported 9.1 million metric tons of steel, an 11 percent increase from 8.1 million metric tons in 2017. The volume of the Philippines steel imports in 2018 was less than a third of that of the world’s largest importer, the United States in 2018. In value terms, steel represented just 5.2 percent of the total goods imported into the Philippines in 2018.
The Philippines imported steel from more than 50 countries and territories in 2018. The 10 countries highlighted in the map below represent the top sources for the Philippines imports of steel, with the Philippines receiving more than 100 thousand metric tons from each and together accounting for 95 percent of Philippines steel imports in 2018.
Between 2005 and 2015, the Philippines maintained an average annual steel trade deficit of -1.9 million metric tons. The dramatic rise in imports in 2016 caused the trade deficit to grow by 152 percent from -3.2 million metric tons in 2015 to -8.0 million metric tons in 2016. In 2018, the trade deficit grew by 11 percent to reach -9.0 million metric tons. Since 2009 to 2018, the Philippines steel imports have grown 594 percent, while exports have decreased 74 percent.
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