Manila—Contributing to the sustained expansion of the country’s economy, the Philippine exports grew by 8.4%, reaching USD31.87 billion in January to May 2022 from USD29.40 billion in 2021, based on the preliminary data from Philippine Statistics Authority (PSA).Thank you for reading this post, don't forget to subscribe!
On a year-on-year (YOY) basis, Philippine merchandise exports increased by 6.2%, adding USD6.31 billion this month in export receipts. Meanwhile, May 2022 export data is 12.18% higher than the pre-pandemic average covering 2017 to 2019.
As the national government continues to ease public health restrictions, manufacturing activities in the country also pick up. In fact, the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) stood at 54.1 in May as new orders and production further grew.
Likewise, seven of the top 10 major commodity groups recorded an annual increase in export value. Specifically, it was led by coconut oil which surged by 180.5%, other mineral products by 32.9%, and chemicals by 23.6%.
The implementation of the Coconut Farmers and Industry Development Plan (CFIDP) with budget support amounting to PHP11.25 billion is expected to further boost the farmers’ productivity and income. CFIDP’s components and programs cover health and medical, crop insurance, scholarships, training and farm schools, cooperative and association organization, hybridization operations, intercropping activities, dairy integration, and shared processing facilities.
“The Department of Trade and Industry will continue to adopt an industry development-centric approach in growing our exports. Since one of our top exports is coconut oil, we will also focus on helping the coconut industry become more globally competitive”, Department of Trade and Industry Secretary Alfredo Pascual stated.
“We need to further develop our human capital and technological capabilities, modernize and streamline our supply chains, invest in infrastructure development, and provide enabling regulatory and legal environment to enable our industries to compete and serve both domestic and global demands,” He added.
The Department will reconfigure its export priorities by focusing on clusters that offer strategic advantages to the Philippines and building on its current sectoral strengths and capabilities.
Electronic products continue to be the country’s top export, accounting for 59% year-on-year or 41% year-to-date of total exports. This month’s top electronic exports are components/devices (semiconductors), electronic data processing, other electronics, telecommunication, and control and instrumentation.
Meanwhile, the United States continues to be the Philippines’ top export market, accounting for 15.3% or USD4.89 billion of Philippine exports in May. Further, China, Japan, Hong Kong, and Singapore complete the top five markets, comprising 63.5% of total Philippine exports to the world.