Recent preliminary report from the Philippine Statistics Authority (PSA) showed that Philippine merchandise export performance continued on a positive trajectory increasing by 10.79% in the first 11 months (January to November) of 2017 compared to the same period in 2016, an analysis confirmed by the Department of Trade and Industry (DTI).
From January to November 2017, the value of merchandise exports was shared almost evenly by electronics and non-electronics with 51.38% and 48.62%, respectively.
Exports of Philippine electronic products increased remarkably by 10.84% in the first 11 months of 2017. This was achieved on the back of the robust performance of six out of the nine subsectors of the industry which contributed 97.95% share in the cumulative total value of the industry.
Meanwhile, non-electronic goods also increased significantly by 10.73% in the first 11 months of 2017, backed by positive growth of a wide range of sectors in the non-electronics category. Topping the list were Forest Products with triple-digit growth of 560.90%. Other contributing commodities exhibited double-digit increases including mineral products (76.12%), sugar and products (47.77%), footwear (47.43%), coconut products (37.61%), non-metallic mineral manufactures (32.17%), and furniture and fixtures (26.27%). Exports of garments also increased by 3.00%, while Travel Goods and Handbags at 1.53%.
“The increase of exports sales for some non-electronic goods this year may be viewed as a result of the sector-focused intervention included in the 2015-2017 Philippine Export Development Plan (PEDP),” said DTI Trade and Investments Promotion Group Undersecretary Nora K. Terrado.
The leading destination of PH merchandise exports for the first 11 months of the year was still the combined markets of PROC and HK SAR. Shipments to this combined market, with a share of 24.49%, increased by 20.99% in value. The next leading destination is Japan with 16.42% share, followed by United States of America (USA) with 14.60% share in total exported goods.
Exports to other top 20 trade partners of the Philippines also showed double-digit growths, ranging from 10.13% to 66.36% YTD; and from 16.00% to 56.75% YOY.
Meanwhile, exports to the United Arab Emirates expanded by 26.96% YOY and 103.6% YTD, respectively. However, these countries account for very small shares in PH exports, ranging from shares of only 0.56% to 2.53% of total PH exports.
The DTI, through its Export Marketing Bureau, implements various programs that assist and cater to the needs of Philippine exporters across the country.♦