Electronics top PH
exports; East Asia market expands
October 13, 2016
MAKATI CITY –
Electronic products remained to be the country’s top exports as the
sector grew by 11.6% from US$2.359 billion in 2015 to US$ 2.633
billion this year accounting for 53.7% of the total export revenues in
August 2016, according to the recent report issued by the Philippine
Statistics Authority (PSA).
Among the electronic
products, semiconductors continued to have the biggest share with
total of 39% that posted an increase of 11.2% from US$1.719 billion in
August 2015 to US$1.912 billion in August 2016.
Department of Trade and
Industry (DTI) noted that electronic products are one of the
identified key exports of the Philippines under the Philippine Export
Development Plan (PEDP) 2015-2017 along with processed food and
beverage, coconut oil, motor vehicle parts and computer and
information services such as the information technology and business
process management (IT-BPM).
“As part of our strategy in
the PEDP, we will continue to provide comprehensive support services
to our key and emerging exports sectors while we continue to
strengthen our market presence and seek new trading partners,” said
DTI Export Marketing Bureau Director Senen M. Perlada.
Exports of other mineral
products also grew with total sales of US$120.16 million.
Meanwhile, exports to East
Asia such as Hong Kong, China and Taiwan grew by 22.4%, 2.2%, and
19.72%, respectively. According to PSA, a large portion of the
country’s merchandise went to countries in East Asia, accounting for
52.2% share of the total exports valued at US$2.560 billion which
reflected a 2.5% increase from US$2.497 billion of August 2015.
Exports to some parts of
Europe also grew such as France and Switzerland which reflected
double-digit growth rates, 78.08% and 68.55%, respectively.
“Our traditional markets are
there such as Japan and USA as our top export destination. But we are
urging and encouraging exporters to maximize our FTAs (free trade
agreements) with other countries,” added Perlada.
DTI noted that at present,
Philippines, as part of the Association of South East Asian Nation
(ASEAN) has existing FTAs with other Asian countries such as Japan,
China, Korea, Australia and New Zealand, and India, that
entrepreneurs, especially exporters, can maximize. Support services
and assistance are all available with the Department’s Export
Marketing Bureau office (DTI-EMB).
DTI also plans to increase
its presence abroad by opening up new trade posts in strategic cities.
Recently, it opened its first Philippine Trade and Investment Center
in South America, in the city of Mexico and expecting to open another
center in Toronto, Canada before the end of 2016. Plans of expanding
and hiring of more trade representatives abroad are also at hand in
order to seek new markets, strengthen the country’s economic presence
abroad, and further assist Philippine micro, small, and medium
PSA reported that for August
2016, total Philippine exports sales amounted to US$4.904 billion from
US$ 5.128 billion in the same period last year. The overall decline
was brought by seven major commodities out of the top ten export
commodities for the month which include machinery and transport
equipment (-52.5%); metal components (-25.9%); chemicals (-16.2%);
articles of apparel and clothing accessories (-11.3%); other
manufactures (-9.3%); woodcrafts and furniture (-8.8%); and coconut