The Department of Trade and Industry (DTI) sees exports recovering in 2017 as the numbers surged in January, with total sales for the month up 22.5 percent year-on-year at $5.130 billion.
Quoting figures from the Philippine Statistics Authority (PSA), the DTI said on Friday eight of the top 10 Philippine exports reflected growth, led by articles of apparel and clothing accessories with a 270.1 percent
“We are positive that we will continue to drive growth and recovery for the export sector as we increase our efforts in promoting Philippine industries throughout the year in various key markets. We take the consistent growth since the last quarter of 2016 as a sign of a positive outlook in the coming months,” DTI Industry Promotion Group Undersecretary Nora Terrado said on Friday.
Other gainers among the exported commodities were: coconut oil, up 229.6 percent; chemicals up 104.7 percent; metal components, up 66.3 percent; electronic equipment and parts, up 64.8 percent; other manufactures, up 58.8 percent; machinery and transport equipment, up 27.9 percent and electronic products, up 10.4 percent.
Electronic products remain to be the top Philippine export, comprising almost 46 percent of the total, with total receipts reaching $2.365 billion for January. On the other hand, non-electronic goods, which account for 54 percent of exports, increased by 35.19 percent in that month.
In terms of commodity groups, exports of manufactured goods rose 23.1 percent to reach total export sales of $4.505 billion, accounting for 87.8 percent of the total export receipts.
Exports from agro-based products, with a 7.5 percent share of the total exports in January, climbed 33.7 percent to $386.46 million from $289.12 million in January 2016.
Japan remained the top Philippine export destination, registering a 17.3 percent share of the country’s total exports, while the US ranked second with a 16.5 percent share.
By economic bloc, exports to European Union member countries posted the highest growth of 82.5 percent to
$896.69 million from $491.34 million recorded in January 2016.
“The increase in our shipments to European Union member countries could be attributed to the impact of EU GSP+, which continues to gain traction for our exports. We wish to further build on this by integrating new strategic measures in promoting the Philippines and our products and services,” Terrado said.
On the other hand, countries in East Asia received 45.1 percent of Philippine exports, valued at $2.315 billion. The region posted an 11.1 percent increase from $2.085 billion a year earlier.
Exports to Asean member countries comprised 14.7 percent of the total exports in January, posting a value of $751.54 million, up 19.3 percent.
The Asean consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, the Philippines and Vietnam.