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    Activity No.3 - Reflection Paper

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    Glendsss Rjndlr
    The Philippines saw its worst economic performance in 2020 with GDP contracting 9.6%. Exports account for nearly a third of GDP, led by electronic products, other manufactured goods, and woodcrafts. The Philippines' top export partners are Japan, the US, China, and Hong Kong. In 2020, the balance of payments recorded a $16 billion surplus, reversing years of deficit. Exports from the Philippines increased 6.3% in September 2021, with chemicals, gold, and cathodes seeing the most growth. The reflection paper taught the author that international trade raises living standards, creates jobs, and allows consumers variety.

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    Activity No.3 - Reflection Paper

    Uploaded by

    Glendsss Rjndlr
    30 views1 page
    The Philippines saw its worst economic performance in 2020 with GDP contracting 9.6%. Exports account for nearly a third of GDP, led by electronic products, other manufactured goods, and woodcrafts. The Philippines' top export partners are Japan, the US, China, and Hong Kong. In 2020, the balance of payments recorded a $16 billion surplus, reversing years of deficit. Exports from the Philippines increased 6.3% in September 2021, with chemicals, gold, and cathodes seeing the most growth. The reflection paper taught the author that international trade raises living standards, creates jobs, and allows consumers variety.

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    The Philippines saw its worst economic performance in 2020 with GDP contracting 9.6%. Exports account for nearly a third of GDP, led by electronic products, other manufactured goods, and woodcrafts. The Philippines' top export partners are Japan, the US, China, and Hong Kong. In 2020, the balance of payments recorded a $16 billion surplus, reversing years of deficit. Exports from the Philippines increased 6.3% in September 2021, with chemicals, gold, and cathodes seeing the most growth. The reflection paper taught the author that international trade raises living standards, creates jobs, and allows consumers variety.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    30 views1 page

    Activity No.3 - Reflection Paper

    Uploaded by

    Glendsss Rjndlr
    The Philippines saw its worst economic performance in 2020 with GDP contracting 9.6%. Exports account for nearly a third of GDP, led by electronic products, other manufactured goods, and woodcrafts. The Philippines' top export partners are Japan, the US, China, and Hong Kong. In 2020, the balance of payments recorded a $16 billion surplus, reversing years of deficit. Exports from the Philippines increased 6.3% in September 2021, with chemicals, gold, and cathodes seeing the most growth. The reflection paper taught the author that international trade raises living standards, creates jobs, and allows consumers variety.

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    of 1

    WRITE A 

    REFLECTION PAPER ABOUT THE RECENT STATUS OF


    INTERNATIONAL TRADE IN THE PHILIPPINES (2020 OR 2021). INCLUDE
    DATA SUCH AS; THE PRODUCTS THAT ARE BEING EXPORTED AND IMPORTED
    IN THE PHILIPPINES, THE VOLUME OF THE SAID PRODUCTS AND THE
    TRADING PARTNERS OF THE PHILIPPINES. ALSO, EXPRESS WHAT YOU HAVE
    LEARNED ABOUT THIS REFLECTION PAPER REGARDING THE STATUS OF
    INTERNATIONAL TRADE OF OUR COUNTRY.
    Philippines' gross domestic product contracted by 9.6% in 2020 - its
    worst economic performance in post-war. Consumer spending, which comprises
    over two-thirds of the economy, fell 7.2%. The Philippine economy grew by
    11.8 percent in the second quarter of 2021. Consumer price inflation
    averaged 2.6% in 2020, slightly higher than 2.5% in 2019 but well within
    the government's 2% to 4% target band. The Central Bank has since paused
    on monetary easing but is determined to maintain an accommodative monetary
    policy stance. The balance of payments (BOP) registered in the Philippines
    recorded a $16 billion surplus in 2020, more than twice the $7.8 billion
    surpluses registered in 2019. The current account surplus was $13 billion,
    reversing four consecutive years of deficit. The direct investment account
    fell by 43 percent resulted in lower FDI and higher resident investments
    abroad. In 2019, the Philippines declined in global competitiveness, owing
    primarily to a lack of physical and digital infrastructure. Investors also
    cite government red tape, regulatory uncertainties, a slow judicial
    system, and corruption as challenges. The national government's fiscal
    deficit-to-GDP ratio increased to 7.6% in 2020 from 3.4% in 2019. In the
    Philippines, exports account for nearly one-third of GDP. Electronic
    products (42%) are the most important exports, followed by other
    manufactured goods (10%) and woodcrafts and furniture (10%). (6 percent).
    In addition, the Philippines is the world's largest producer of coconut,
    pineapple, and abaca. Japan (21 percent), the United States (15 percent),
    China (12 percent), and Hong Kong are the Philippines' top export partners
    (8 percent). Exports from the Philippines increased by 6.3 percent every
    year to USD 6.68 billion in September 2021, slowing from an upwardly
    revised 18.9 percent increase in August. Despite this, overseas sales
    increased for the seventh month in a row, owing to softening global demand
    and disruptions in logistics and supply chain. Chemicals (55.4 percent),
    gold (44.3 percent), cathodes and sections of cathodes (39.8 percent),
    coconut oil (21.1 percent), other mineral products (17 percent), other
    manufactured goods (7.1 percent), and electronic products saw the most
    growth (5.4 percent ). Shipments of machinery and transport equipment (-
    27.8 percent) and metal components, on the other hand, were mostly down (-
    22.8 percent ). Exports gained to the US (27.27%), Hong Kong (13.2%),
    Singapore (15.4%), Thailand (6.4%), Taiwan (16.2%), the ASEAN countries
    (12%), and the EU (0.6%). By contrast, exports fell to China (-14.7%) and
    the Netherlands (-13.5%). Considering the January to September period,
    shipments grew 18% YoY to USD 55.68 billion. The reflection paper taught
    me that international trade between countries is an important factor in
    raising living standards, creating jobs, and allowing consumers to enjoy a
    wider variety of goods. International trade has existed since the first
    civilizations began trading, but in recent years it has grown in
    importance, with a larger share of GDP devoted to exports and imports.

    DE LARA, GLENDA R.
    BSBA-FM 3-1
    INTERNATIONAL IN BUSINESS AND TRADE

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