Philippines Exports Yield Growth in December 2016

The Department of Trade and Industry sees sustained growth in exports in 2017 as Philippine exported goods yielded a 4.5% growth in December 2016 with a total of $4.71 billion in export revenues from $4.660 billion in the same period in 2015.

“As we implement new strategies in diversifying our markets and upscaling our products and services amidst the slowdown in global trade, we hope that our exports will continue to improve in the next quarters,” said DTI Industry Promotion Group Undersecretary Nora K. Terrado.

In a report released by Philippine Statistics Authority (PSA), increase in the top five (5) major export commodities contributed to the growth which include coconut oil (crude and refined; 146.5%), other mineral products (104.5%), metal components (66.4%), chemicals (42.1%), and other manufacturers (35.8%).

While electronic products experienced a 2.8% decrease in total receipts as compared to 2015 data, these remained to be the top export product of the country with total receipts of $2.451 billion, accounting for 50.3% of the total exports revenue in December 2016. Other Manufactures ranked second with 7.2% share to the total export receipts.

It recorded an increase of 35.8% from December 2015 value of $257.32 million. It is followed by Machinery and Transport Equipment with export revenue of $227.05 million, Woodcrafts and Furniture with total sales of $202.14 million, and Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircraft, and Ships with $153.72 million export sales.

“Notable 67.5% increase in the exports of our Agro-Based Products in December 2016 is a good indication that our Agri sector will be up in the coming months. We hope to see more of this trend to fully boost our exports,” added DTI Export Marketing Bureau Director Senen M. Perlada.

Agro-based products shared 7.7 % of the total exports in December 2016 which amounted to $377.30 million. Total exported goods to East Asia increased compared to other top Philippine exports destination such as ASEAN member countries, USA, and European Union member countries.

Merchandise exports to East Asia increased by 9.4% with total revenue of $2.556 billion million from $2.337 billion recorded in the same month in 2015. Japan remained to be the country’s top export destination, with revenue amounting to $946.28 million, comprising 19.4 percent share of the total exports.(DTI)