22-Sep-2023
The Indian electronics market is one of the major industries in the world. It was initially restricted to the development of fundamental communication systems, including radio-broadcasting, telephonic, and other defense capabilities. However, after the economic transformation and technological advancement, there has been an increase production of commodities like mobile phones, smart watches, and smart LED's. The initiatives of the electronics field in the private sector enabled businesses to establish industries to meet market demand. In this comprehensive blog, we will briefly discuss how to export electric products from India to the Philippines.
Also Read: How to Export Electric Vehicles from India?
The Philippines' s automotive industry is witnessing a significant shift towards electrical products due to rising environmental concerns and the need for sustainable transportation solutions. The Philippines' rising demand for electric goods presents a significant opportunity for the Indian economy, particularly in the automotive industry.
With the global push for electric mobility and favourable policies, there is a suitable environment for the growth of electric products. Proper planning, execution, and strategic initiatives are required to ensure the successful export of electric vehicles from India to the Philippines.
Based on Philippines Import Data, imports of electrical equipment in the Philippines are expected to reach $34 billion by 2026, up from $30 billion in 2021. This growth is expected to occur at an average annual rate of 2.5%. Since 2001, the market has risen by 7.4% year-on-year. The Philippines was ranked 20th in 2021.
Electric machinery and equipment sectors contribute almost 8% of India's manufacturing sectors and 1.5% to India's overall GDP. The electric equipment industry combines generation equipment and transmission lines into two segments. The T&D equipment sector dominates, making up 85% of the industry, whereas the generation equipment sector accounts for the remaining 15%. As per the India Export Data, India exported electrical and electronic equipment worth US$26.57 billion in 2022.
Based on electronics India Trade data, India's electronics exports will reach USD 120 billion by 2025–2026. According to the Ministry of State for Entrepreneurship, Skill Development, Electronics, and Technology, the country's electronics industry was valued at between $70 and $75 billion, and Indian Prime Minister Shri Narendra Modi has set a goal to reach $300 billion by 2025–26.
As per the trade reports, India and the Philippines recently decided to initiate trade talks on a bilateral preferential trade pact and pledged to step up defence cooperation, particularly in the security domain.
In the trade talks between Secretaries for Foreign Affairs of the Philippines Enrique A. Manalo and External Affairs Minister S. Jaishankar, the two sides also specified the need to implement the South China Sea verdict that a UN arbitration court pronounced in 2016.
The defence and security ties between India and the Philippines are improving. In January last year, the Philippines concluded a USD 375 million trade deal with India for the procurement of three batteries for the BrahMos cruise missile.
In the official statement, India and the Philippines highlighted peaceful dispute resolution and commitment to international law, especially UNCLOS (UN Convention on the Law of the Sea). The authorities also underlined that a free and open Indo-Pacific is something that both India and the Philippines are interested in.
Based on Indian trade data, India exported a wide range of electronic goods to the Philippines. Some of the major electronic items exported from India to the Philippines are:
Vehicles and other railway and tramway products are considered the first commodities exported from India to the Philippines. Based on India export data, vehicles and other than railways, tramways were exported with a value of $388.84 million in 2022.
Pharmaceutical products are considered the second commodity exported from India to the Philippines. Based on India export data, pharmaceutical products were exported with a value of $298.63 million in 2022.
Machinery, nuclear reactors, and boiler products are considered the third commodities exported from India to the Philippines. Based on India trade data, machinery, nuclear reactors, and boiler products were exported with a value of $136.15 million in 2022.
Meat and edible meat offal products are considered the fourth commodity exported from India to the Philippines. Based on India export import data, meat and edible meat offal products were exported with a value of $126.51 million in 2022.
Cereal products are considered the fifth commodity exported from India to the Philippines. Based on India export data, cereal products were exported with a value of $109.53 million in 2022.
Rubber is considered the sixth commodity exported from India to the Philippines. Based on India export data, rubber was exported for a value of $89.52 million in 2022.
Electrical and electronic equipment are considered the seventh commodity exported from India to the Philippines. Based on India export data, electrical and electronic exported with a value of $85.15 million in 2022.
Aircraft and spacecraft are considered the eighth commodity exported from India to the Philippines. Based on India export data, aircraft and spacecraft were exported at a value of $73.06 million in 2022.
Oil seed, oleagic fruits, grain and seed products, and fruit products are considered the nine commodities exported from India to the Philippines. Based on India export data, oil seed, oleagic fruits, grain, and seed products were exported with a value of $73.03 million in 2022.
Sugars and sugar confectionery products are considered the tenth commodity exported from India to the Philippines. Based on India export data, sugars and sugar confectionery were exported with a value of $57.70 million in 2022.
Starting a business in electric and electric products necessitates the acquisition of goods and connectivity. Exporting electrical goods from India needs systematic compliance with various regulations and standards. Here is a significant step involved in exporting electrical goods from India to the Philippines:
Step 1: BIS Certificate and Licenses - Depending on the kind of electrical goods you wish to export, you may require a BIS Certificate and other additional licenses and permits from the relevant authorities for export from India to the Philippines.
Step 2: Import and Export Code (IEC Code) - The import-export code is the business identification code, an obligatory code for the export and import of goods. In the trade business, the traders must apply for the IEC Code. Partnership firms, LLPs, proprietorship firms, trusts, societies, and even non registered businesses require the IEC Code for their business.
Step 3 : Specify and prepare the goods for export - Traders must ensure that the electrical products they want to export from India to the Philippines comply with the relevant quality standards and packaging requirements.
Step: 3 Transportation Arrangement - You can select the best transport mode for your goods via air, sea, or land. Also, ensure that you have all the mandatory documents, such as a bill of lading, a commercial invoice, and a packing list. This can help the traders export from India to the Philippines.
Step: 4 Necessary taxes and duties - You may be required to pay taxes and duties such as customs duty, GST, and cess on the electrical goods you wish to export from India to the Philippines.
Step 5: Customs Clearance - The customs authorities will inspect your goods and release them once they are sure that all regulations and standards have been complied with.
Step 6: Obtain Export and Import - This is a crucial point for every business that wants to enter the international trade business. Reliable, Authentic, and accurate Indian import-export data plays an important role in exporting electrical goods from India
Also Read: How to Export iPhone from India?
To obtain accurate and updated India export data for electric goods, you need to visit the ExportImportData.in platform to analyze the electric and electrical products export data from India.
We provide the most updated India trade data, HS codes, shipment details, buyer list, and supplier list in our extensive dashboard. ExportImportData.in is a database of import and export data, so you can research the demand for these electrical goods in different countries.
So, India has become a top exporter of electronic goods. The merchants must have the appropriate information regarding the regulations, documents, and updated export and import data to help expand their international business. So, if you have any related queries, our team of experts can help you with updated market statistics and reports. Start exporting electric products today and grow your business. Click Here to Book a free live demo!
Export Import Data solutions is one of the best online import export websites in India that provides trade data services and trading business information. Currently, Export import data is the best import export data provider and market research companies in India.
