EU–Philippines trade reaches record high €12.5 billion in 2014

The European Union Delegation to the Philippines releases a new fact file for the EU-Philippines trade. The publication describes and analyses economic trends in EU-Philippines relations with updated statistics of 2014.

“Philippines trade in goods increased to historic highs by 16% to €12.5 billion, while trade in services increased even stronger, by 17%, to €3.1 billion,” says EU Delegation in a news release. “This trade resulted in a surplus of €1.1 billion in goods for the EU and a surplus in services’ trade of more than €300 million for the Philippines. This impressive growth puts the EU at par with the US as the Philippines’ third trading partner, after Japan and China.”

“The commercial and political ties between the European Union (EU) and the Philippines have existed for centuries and have grown into today’s substantial relationship with trade in goods and services at historical highs of €12.5 billion and €3.1 billion respectively,” said Ambassador Guy Ledoux, head of the EU Delegation.

EU Trade Commissioner Malmström said Philippines is providing very positive signals in terms of performance on economic reforms, growth and improved business climate and I look forward to a deeper engagement.

The EU was again the largest investment partner of the Philippines in 2014, providing over 26% of overall flows into the country and adding to the 450,000 jobs already provided by current investors. Also in 2014 EU became the 4th largest source of tourists to the Philippines, overtaking China with a record number of 400,000 tourists.

The EU Delegation to Philippines said Filipino migrants living and working in the EU as well as Filipino seafarers manning European ships sent $3.35 billion back to the Philippines in 2014.