Philippine exports reached $6.16 billion in February, growing by 15% compared to the same period last year, based on Philippine Statistics Authority (PSA) preliminary data.
Moreover, cumulative exports for the first two months of the year amounted to $12.2B, 11.9% higher than the $0.9B exports in 2021 and 15.7% higher compared to the 2019 pre-pandemic value.
Electronics continue to dominate export sales, accounting for 55.9% of total exports in February 2022 with a revenue of $3.44B.
Top Philippine electronics exports were components/devices (semiconductors), electronic data processing devices, telecommunication equipment, consumer electronics, and control & instrumentation.
Resource-based manufacturers also contributed to the strong export performance in February led by copper cathodes and section of cathodes (130.2% growth), coconut oil (118.2%), and other mineral products (27.5%). China remains to be the main growth driver in the country’s copper exports.
“Momentum picked up as well as we continued to develop more export champions.”
“Our earlier efforts to ensure 100% operating capacity for the export sector enabled the sector to meet the growth in global demand. Momentum picked up as well as we continued to develop more export champions,” the Department of Trade and Industry (DTI) Secretary Ramon Lopez said.
Meanwhile, coconut oil remains to be the country’s top agricultural export. Exports of coconut oil more than doubled in February amounting to $195.7M from last year’s export of $89.7M. The global coconut oil market is estimated to grow by 5.5% in 2022, to reach $5.7B in value.
Other industrial products that registered double-digit growth rates include: electronic equipment and parts (17.2%), electronic products (15.1%), chemicals (14.2%), and other manufactured goods (12.2%).
Manufactured goods continue to account for the largest percentage (81.7%) of exports among the major types of goods, with $5.03B sales in February 2022.
The US remains the Philippines’ biggest export market followed by Japan, China, Hong Kong, and Singapore.
The US remains the Philippines’ biggest export market accounting for 15.7% or $966.7 million of the total exports in February. This was followed by Japan, China, Hong Kong, and Singapore. In total, they account for almost 62.8% of the Philippines’ total exports.