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| Philippine exports grew by 8.4% from January to May 2022 to USD31.87 billion, according to preliminary data from Philippine Statistics Authority (PSA). Photo: DTI |
According to preliminary data from the Philippine Statistics Authority, Philippine exports increased by 8.4%, reaching USD31.87 billion from USD29.40 billion in 2021 to USD31.87 billion in January to May 2022. (PSA).
Year on year, Philippine merchandise exports increased by 6.2%, adding USD6.31 billion in export receipts this month. Meanwhile, export data for May 2022 is 12.18% higher than the pre-pandemic average for 2017 to 2019.
Manufacturing activity in the country is increasing as the national government continues to relax public health restrictions. The S&P Global Philippines Manufacturing Purchasing Managers' Index (PMI) rose to 54.1 in May, as new orders and output increased.
Similarly, seven of the top ten major commodity groups saw an increase in export value year over year. It was led by coconut oil, which increased by 180.5%, other mineral products, 32.9%, and chemicals, 23.6%.
The Coconut Farmers and Industry Development Plan (CFIDP), with a budget support of PHP11.25 billion, is expected to boost farmers' productivity and income even further. Health and medical, crop insurance, scholarships, training and farm schools, cooperative and association organization, hybridization operations, intercropping activities, dairy integration, and shared processing facilities are all covered by CFIDP components and programs.
"The Department of Trade and Industry will continue focusing on industry development to increase our exports. Because coconut oil is one of our top exports, we will also focus on helping the coconut industry become more globally competitive," said Department of Trade and Industry Secretary Alfredo Pascual.
"We must further develop our human capital and technological capabilities, modernize and streamline our supply chains, invest in infrastructure development, and create an enabling regulatory and legal environment for our industries to compete and serve both domestic and global demands," he added.
The Department will restructure its export priorities by focusing on clusters that provide strategic advantages to the Philippines and building on the country's current sectoral strengths and capabilities.
Electronic products remain the country's top export, accounting for 59% of total exports year-on-year or 41% year-to-date. This month's top electronic exports include components/devices (semiconductors), electronic data processing, other electronics, telecommunication, and control and instrumentation.
Meanwhile, the United States remains the Philippines' top export market, accounting for 15.3% of Philippine exports in May, or USD4.89 billion. China, Japan, Hong Kong, and Singapore also round out the top five markets, accounting for 63.5% of total Philippine exports worldwide.
For export inquiries, contact the DTI-Export Marketing Bureau (DTI-EMB) at exports@dti.gov.ph or visit tradelinephilippines.dti.gov.ph.