Stable with slight increase of 3% compared to 2021
Special Rates
Preferential Rate under US-Philippines Agreements
0%
Applicable under specific trade agreements or GSP (Generalized System of Preferences) if eligibility criteria are met, including proper documentation and origin certification.
A recent bilateral trade agreement between the US and Philippines has facilitated an increase in the export of other residues of petroleum oils (HS Code: 271390) from the US to the Philippines, with a focus on industrial applications.
2023-10-15
Impact: This agreement is expected to increase US exports by 15% annually, strengthening trade ties and providing the Philippines with essential raw materials for energy and manufacturing sectors.
Philippines Imposes New Quality Standards on Petroleum Residue Imports
The Philippine government has introduced stricter quality control measures for imported petroleum residues (HS Code: 271390) to ensure environmental compliance, affecting US exporters.
2023-09-22
Impact: US exporters may face higher compliance costs and delays in shipments, potentially reducing trade volume in the short term until standards are met.
US Increases Supply of Bituminous Oil Residues to Philippines Amid Energy Demand
Rising energy demands in the Philippines have led to a surge in imports of other residues of petroleum oils (HS Code: 271390) from the US, with shipments increasing by 20% in the last quarter.
2023-08-10
Impact: This spike in demand is likely to benefit US exporters, fostering stronger economic ties and supporting the Philippine energy sector's growth.
Policy Updates
US-Philippines Trade Facilitation Agreement
A new trade facilitation agreement reduces tariffs on petroleum residues (HS Code: 271390) by 5% for US exporters to the Philippines, aiming to streamline customs processes and enhance bilateral trade.
Date: 2023-10-01
Philippine Environmental Regulation Update
The Philippines updated its environmental regulations, mandating stricter testing for imported petroleum residues (HS Code: 271390) to minimize ecological impact, requiring US exporters to submit detailed compliance reports.
