Philippine Export offers profitability for businesses of any scale. To begin, let’s explore the leading export products of the Philippines. As per DBS Bank Ltd. from Singapore, the Philippines is projected to emerge as the fastest-growing economy among ASEAN member countries within the next two years. Economist Chua Han Teng from DBS outlined in a report that despite global challenges, the Philippines is anticipated to achieve the highest GDP growth in the region by 2023 and 2024.
About top Philippine Export Products
In recent years, electronic circuits, computers, insulated wire or cable, printing machinery, and refined copper have been the Philippines’ leading exports by value. Together, these major exports account for 47.3% of the country’s total export sales. They demonstrate a level of diversity in the range of goods exported from the Philippines. The Philippines is globally recognized for exporting bananas, pineapples, and nickel. Filipino exporters also hold considerable sway among Asian nations in the international sale of electronic circuits, the primary export.
Key Trading Partners for the Philippines
Based on the latest country-by-country data, importers in specific countries purchased 87.8% of products exported from the Philippines. These include the United States (15.9%), Mainland China (15.5%), Japan (14.4%), Hong Kong (13.3%), Singapore (5.6%), Thailand (4.6%), Germany (3.9%), South Korea (3.4%), Taiwan (also 3.4%), the Netherlands (3%), Malaysia (2.5%), and Vietnam (2.2%). Looking at continents, over two-thirds (68.3%) of the value of Philippine exports went to other Asian nations, with 17.5% to North America and 12.3% to Europe. The smallest percentages were in Oceania, primarily Australia and New Zealand (0.8%), followed by Latin America excluding Mexico but including the Caribbean (0.6%) and Africa (0.3%). With a population of 110.2 million, the Philippines exported goods worth US$74.6 billion in 2021, averaging about US$675 per inhabitant in the densely populated Southeast Asian island nation.
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The top Philippine Export Products
Electronic products lead the export list from the Philippines, making up 58% of total exports, valued at $3.51 billion. Notable exports in this category include semiconductors ($2,756 million), electronic computing ($568 million), telecommunications ($89 million), consumer electronics ($75 million), and office equipment ($57 million). Major destinations for Philippine electronic exports include the United States, China, Singapore, Hong Kong, and Japan.
Following electronic products, finished goods rank second in the Philippine export lineup. Manufactured goods totaled $450 million, accounting for 7.5% of total exports. These goods include steel, chemicals, paper, textiles, aircraft, machinery, clothing, vehicles, and refined petroleum products. Importing nations encompass the United States, China, Japan, South Korea, Hong Kong, and Singapore.
Refined copper cathodes and cathode parts rank third among the Philippines’ export products, making up 3.8% of the total export value ($231.7 million). In 2021, the Philippines exported around ₱93 billion worth of refined copper cathodes and cathode parts. Main export destinations for these commodities, along with their total export value for 2020 reported by the Observatory of Economic Complexity (OEC), include China ($1.81 million), Chinese Taipei ($1.54 million), Germany ($1.18 million), Japan ($1.16 million), and Brazil ($265,000).
Coconut oil holds the fourth position, being a key food product exported from the Philippines. As of January 2022, the PSA recorded a total export value of coconut oil at US$178 million. From 2021 to 2022, coconut oil exports saw a notable annual increase of 110.1%, indicating its strong demand. According to OEC figures as of August 2021, top destinations for coconut oil include Netherlands ($41.6 million), United States ($34.3 million), Indonesia ($15.5 million), Italy ($8.97 million), and Malaysia ($8.23 million).
Ignition wire harnesses and wiring components, used in various vehicles, round out the top five export products manufactured in the Philippines. This group of commodities holds a total export value of US$175.9 million. The United States, Japan, Germany, Spain, and Korea emerge as the primary importers of these commodities.
The Philippines has very positive net exports in international trade in electronic devices, including consumer electronics. These cash flows, in turn, indicate the Philippines’ strong competitive advantages in the electronics equipment category.
Source/s:
http://www.philippinesaroundtheworld.com/philippines-top-precious-metals-and-gems-sales/
https://oec.world/en/profile/country/phl/
https://www.dti.gov.ph/media/latest-news/9602-electronics-top-ph-exports-east-asia-market-expands
https://oec.world/en/profile/country/phl/
https://www.dti.gov.ph/media/latest-news/9602-electronics-top-ph-exports-east-asia-market-expands
