The PH export performance continues to grow from the previous year to the early quarter of 2022. January 2022 exports increased by 8.9%, amounting to USD 6.04B from USD 5.55B in January 2021.
Electronics leads the top five export products, which contributed about US$3.50B with a 58 % share of the total goods in January 2022. Followed by other manufactured goods with 7.5%, Cathodes & Sections of Cathodes with 3.8%, Coconut oil with 3.0%, Ignition wiring sets and other wiring sets used in vehicles, aircraft, and ships at 2.9% share.
Among the top five (5) export markets, the United States of America has the highest export value of USD 0.935B and a 15.5% share. Other top export markets are China at 14.6%, Japan at 13.7%, Hong Kong at 12.2%, and Singapore at 6.8%. Said data is based on Philippine Statistics Authority.
The total export target of goods in 2021, which amounts to US$ 54B, was exceeded with a value of US$54.16B, though it did not reach the PEDP’s total export target of US$91.7B as adjusted in 2021. Thus, the Export Development Council retains the revised fighting targets of US$105.3B in 2022 (with a low-end target of US$101.7B and a high-end target of US$108.8B) as export is projected to continue its bullish trend this year despite all the challenges faced by the industry. The PEDP targets are based on BPM6 data figures.
Relative to the crafting of the Philippine Export Development Plan 2022-2027, the whole-of-nation approach strategy will be observed to boost the export growth and economic recovery of the country in general. PKC