The Department of Trade and Industry sees exports recovering in 2017 as numbers surged in January 2017 with an increase of 22.5 percent with total sales of $5.130 billion from $4.187 billion recorded value in the same period last year according to the Philippine Statistics Authority (PSA) report.
“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 for positive outlook in the coming months,” said DTI Industry Promotion Group Undersecretary Nora K. Terrado.
Eight out of the top ten Philippine exports reflected growth with articles of apparel and clothing accessories with 270.1% increase as the highest gainer. Other gainers include: coconut oil includes oil and refined (229.6%), chemicals (104.7%), metal components (66.3%), electronic equipment and parts (64.8%), other manufactures (58.8%), machinery and transport equipment (27.9%), and electronic products (10.4%).
Electronic products remain to be the top Philippine export comprising almost 46 percent of the total Philippine exports with total receipts of $2.365 billion for January. On the other hand, non-electronic goods which accounts for 54 percent of exports likewise increased by a hefty 35.19% for that same month.
In terms of commodity groups, manufactured goods went up by 23.1 percent with total export sales of $4.505 billion, accounting for 87.8 percent of the total export receipts while exports from Total Agro-Based Products, with a 7.5 percent share to total exports in January 2017, amounted to $386.46 million. It increased by 33.7 percent compared to $289.12 million in January 2016.
Japan is still the top Philippine export destination with 17.3 percent share to total exports while United States ranks second with 16.5 percent share.
By economic bloc, exports to European Union member countries posted the highest growth with 82.5 percent increase from $491.34 million recorded in January 2016 to $896.69 million for the same period in 2017.
“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,” explained Undersecretary Terrado.
On the other hand, countries in East Asia received most of Philippine exports accounting for 45.1 percent share to total exports valued at $2.315 billion. It increased by 11.1 percent from $2.085 billion of January 2016.
Exports to ASEAN member countries comprised 14.7 percent of the total exports in January 2017 and was valued at $751.54 million also posted growth which went up by 19.3 percent.