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Word Count: 471
Per Capita Income The per capita income of a certain country is the GDP of that country divided by the total population In the Philippines the per capita income is approximately 700 When compared to the per capita income of the United States which is about 22000 it is easy to tell that the economy of the Philippines is very very poor FROM AGRICULTURE 171 important because you would think that since they mainly produce agricultural products that its percentage would be the highest FROM SERVICES 392 also important because you wouldnt think that this one would be the highestExports Traditionally the Philippines have been primarily an exporter of raw materials and an importer of manufactured goods This is the role that many third world countries play in the global economy Electronic and automotive parts along with garments are the leading merchandise exports of the country However the Philippines also rely heavily on import inputs The country also exports bananas coconuts copper gold lumber pineapples and sugarImports The Philippines mostly imports manufactured goods Certain items remain subject to import regulations such as narcotic drugs firearms ammunition etc Their chief imports include chemicals machinery and petroleumTrading Partners The Philippines like any other country cannot produce everything that it needs Instead it relies heavily on foreign trade Specialization in production allows for each nation to produce what it produces best and to trade for products which it cannot produce as well This means that if you are better at one thing and I am better at another rather than each of us trying to do both we would each do what we are best at Then we would exchange what we had produced and both be better off than had we tried making both things on our own It trades mainly with Japan and the United States The Philippines maintain high tariff rates and protective barriers on sensitive agricultural productsMajor Economic Activities The Philippines has embarked on
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