A new bilateral trade agreement has reduced tariffs on machinery with an output not exceeding 40 MW (HS Code: 841181) exported from the US to the Philippines, increasing export volumes by 15% in the last quarter.
2023-10-15
Impact: This tariff reduction is expected to enhance US exports of low-power machinery to the Philippines, strengthening trade ties and benefiting US manufacturers.
Philippines Increases Demand for US-Made Turbines
Rising energy needs in the Philippines have led to a surge in imports of US-manufactured gas turbines with an output not exceeding 40 MW, with a reported 20% increase in orders year-over-year.
2023-09-22
Impact: The growing demand is likely to drive higher export revenues for US companies specializing in energy equipment, fostering deeper economic collaboration.
Global supply chain disruptions have delayed shipments of machinery under HS Code 841181 from the US to the Philippines, causing a temporary 10% drop in trade volume.
2023-08-10
Impact: These delays may lead to short-term losses for US exporters and could prompt the Philippines to seek alternative suppliers if issues persist.
Policy Updates
US-Philippines Tariff Reduction on Machinery
The US and Philippines finalized a tariff reduction on machinery with an output not exceeding 40 MW under HS Code 841181, lowering duties from 5% to 2% to encourage trade in energy equipment.
Date: 2023-10-01
Philippines Updates Import Regulations for Energy Equipment
The Philippine government introduced stricter safety and environmental standards for imported machinery, including those under HS Code 841181, requiring additional certifications for US exporters.
