ONE OF THE MOST TRADED PRODUCTS IN THE WORLD

                                                – NATURAL AND PRECIOUS STONES

ABSTRACT

Goods and services worth trillions are traded across the globe every year. Everything is imported and exported to and from every nation ranging from the simplest items like plastic products to the most complex and heavy-duty products like electrical machinery and automobiles. Imports and exports, simply known as foreign trade, are responsible for building any country’s economy and helping to maintain the nation’s good health. Also, foreign trade helps the country to integrate with other countries and learn more about their taste, preferences, and choices.

As per the Global Trade Data for the past some years, we are going to list the top 05 most exported products in the world.

·        Electric machines and appliances such as recorders and TVs

·        Mineral fuels and oils

·        Machines and mechanical tools

·        Automobile

·        Natural and precious stones like gold and pearl

In this blog today, we are going to discuss more about the trade statistics of precious and natural stones like pearls with a major focus on two countries – the Philippines and Vietnam.

 

 

 

 

 

 

 

 

CONTRIBUTION OF PRECIOUS STONES IN THE PHILIPPINES TRADE DATA

As per the Philippines Trade Data for the past 5 years, precious stones like gold and pearls are the 10^th most favorite exported products of the Philippines. Refer to the table below for more clear statistics:

EXPORTS OF PRECIOUS STONES BY THE PHILIPPINES TO THE WORLD
YEAR	TOTAL EXPORTS OF PH	EXPORTS OF PRECIOUS STONES BY PH	REMARKS
2017	USD 63.23 billion	USD 1.35 billion	2.13% of total exports
2018	USD 67.48 billion	USD 1.45 billion	2.14% of total exports
2019	USD 70.33 billion	USD 1.62 billion	2.30% of total exports
2020	USD 63.87 billion	USD 1.36 billion	2.12% of total exports
2021	USD 74.61 billion	USD 1.13 billion	1.51% of total exports

 

As seen from the above table, the exports of precious metals and stones contribute 2.15% to the total Philippines Export data on average every year.

Moving towards the import statistics of pearls and metals to the Philippines, then it is evident that these products are not many favorites of the Philippines when it comes to imports. Refer to the Philippines Import Data table below:

IMPORTS OF PRECIOUS STONES TO THE PHILIPPINES BY THE WORLD
YEAR	TOTAL IMPORTS OF PH	IMPORTS OF PRECIOUS STONES TO PH	REMARKS
2017	USD 98.48 billion	USD 171.20 million	0.17% of total imports
2018	USD 115.11 billion	USD 256.94 million	0.22% of total imports
2019	USD 112.90 billion	USD 319.50 million	0.28% of total imports
2020	USD 90.75 billion	USD 321.65 million	0.35% of total imports
2021	USD 124.28 billion	USD 270.54 million	0.21% of total imports

 

Based on the reports of the last 5 years which are derived from the Philippines Import data tells us that there is no such significant contribution of imports of natural stones and pearls from the world in the total imports of the Philippines.

Despite being on the list of the top 5 most traded items, the Philippines is not much interested to import these items to the nation. A possible reason can be that the nation is self-sufficient and can fulfill the demand of its citizens on its own.

CONTRIBUTION OF PRECIOUS STONES IN VIETNAM TRADE DATA

In this section, we are going to focus that what is the total contribution of Vietnam to the total exports of pearls and gold in the world. As per Vietnam Export Data for the past 5 years, precious stones and gold exports are as follows:

EXPORTS OF PRECIOUS STONES BY VIETNAM TO THE WORLD
YEAR	TOTAL EXPORTS OF VIETNAM	EXPORTS OF PRECIOUS STONES BY VIETNAM	REMARKS
2017	USD 215.11 billion	USD 689.08 million	0.32% of total exports
2018	USD 243.69 billion	USD 762.81 million	0.31% of total exports
2019	USD 264.61 billion	USD 2.20 billion	0.83% of total exports
2020	USD 281.44 billion	USD 2.75 billion	0.97% of total exports
2021	USD 335.79 billion	USD 925.12 million	0.27% of total exports

 

Based on the insights shared by Vietnam Export Data for the last 5 years, we can conclude that the nation doesn’t deal in exporting precious stones and diamonds as compared to other countries. In the past few years, the contribution of these items has been very low, i.e., under 1%.

In a similar manner, now we are going to share insights from the records of Vietnam Import Data for the same time duration.

IMPORTS OF PRECIOUS STONES TO VIETNAM BY THE WORLD
YEAR	TOTAL IMPORTS OF VIETNAM	IMPORTS OF PRECIOUS STONES TO VIETNAM	REMARKS
2017	USD 213.21 billion	USD 612.66 million	0.28% of total imports
2018	USD 236.86 billion	USD 561.46 million	0.23% of total imports
2019	USD 253.44 billion	USD 606.98 million	0.23% of total imports
2020	USD 261.30 billion	USD 557.77 million	0.21% of total imports
2021	USD 330.75 billion	USD 871.00 million	0.26% of total imports

 

The story remains the same in imports too. From this, we can conclude that Vietnam Import Data is not dominated by imports of precious metals and stones too. Also, the demand and supply of these products are very low in Vietnam. The other conclusion we can derive is that Vietnam is self-sufficient and produce only that much that is only enough for its own people.

 

PROFESSIONAL ADVICE

We believe that you got some relevant insights from this blog post. In a nutshell, if you are a trader who deals in imports and exports of precious stones and metals, then the Vietnamese market is not for you, but you can consider the Philippian market to export your produce. For more details about the Philippines Trade Data or Vietnam Trade Data, get in touch with us today and get all your questions answered by our experts.

For More Info-

Vietnam trade Data