17 January 2018
also published in Business Mirror
RECENT preliminary reports from the Philippine Statistics Authority showed that Philippine merchandise exports continued on a positive trajectory, increasing by 10.79 percent 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) said.
From January to November 2017, the value of merchandise exports was shared almost evenly by electronics and nonelectronics with 51.38 percent and 48.62 percent, respectively.
Exports of Philippine Electronic products increased remarkably by 10.84 percent 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 a 97.95-percent share in the cumulative total value of the industry.
Meanwhile, nonelectronic goods increased significantly by 10.73 percent in the first 11 months of 2017, backed by positive growth of a wide range of sectors in the nonelectronics category. Topping the list were Forest Products with triple-digit growth of 560.9 percent. Other contributing commodities exhibited double-digit increases, including mineral products (76.12 percent), sugar and products (47.77 percent), footwear (47.43 percent), coconut products (37.61 percent), nonmetallic mineral manufactures (32.17 percent) and furniture and fixtures (26.27 percent). Exports of garments also increased by 3 percent, while Travel Goods and Handbags at 1.53 percent.
“The increase of exports sales for some nonelectronic goods this year may be viewed as a result of the sector-focused intervention included in the 2015-2017 Philippine Export Development Plan,” DTI Trade and Investments Promotion Group Undersecretary Nora K. Terrado said.
The leading destination of Philippine merchandise exports for the first 11 months of the year was still the combined markets of the People’s
Republic of China and Hong Kong SAR. Shipments to this combined market, with a share of 24.49 percent, increased by 20.99 percent in value.
The next leading destination was Japan with a 16.42-percent share, followed by the United States with a 14.6-percent share in total exported goods.