What is the main export of the Philippines?

What is the main export of the Philippines?

Exports in Philippines account for nearly a third of GDP. Major exports are: electronic products (42 percent), other manufactures (10 percent) and woodcrafts and furniture (6 percent). Philippines is also the world’s largest producer of coconut, pineapple and abaca.

Where do Philippines export electronics?

See Table 2. As shown in Table 1, the top five (5) countries of destination in January 2021 were Hong Kong (18.18%), China (13.49%), USA (13.11%), Japan (7.52%), and Singapore (6.75%). Other destinations in the top ten are Germany (5.69%), Taiwan (4.47%), Thailand (4.25%), South Korea (2.73%), and Malaysia (2.30%).

Does Philippines export more than imports?

Philippines is currently our 31st largest goods trading partner with $18.9 billion in total (two way) goods trade during 2020. Goods exports totaled $7.7 billion; goods imports totaled $11.1 billion.

Why Exporting is important to Philippine economy?

Exporting doesn’t only benefit you, your company, and your employees. It also benefits the local and foreign markets where you operate. Indeed, export and import activities help generate much-needed jobs and support economic growth in the localities where they transpire.

What products do Philippines import?

Philippines major imports are: electronic products (25 percent), mineral fuels (21 percent) and transport equipment (10 percent). Philippines’s main import partners are: China (13 percent), the United States (11 percent), Japan (8 percent) and Taiwan (8 percent).

Does Philippines rely on exports?

The Philippines’ export base is varied, but largely dominated by electronics production. The PSA reported that sales from its top-10 export products comprised 83.5% of total revenues in 2015, with the dollar figure remaining stable and ending the year at $49.1bn as opposed to $50.9bn in 2014.

Why Philippines need to import some of its products?

Data from the Philippine Statistics Authority (PSA) for 2018 shows that we import most of our food requirements as local production is not sufficient to meet local demand. Thus, importation is a necessary recourse to ensure that our people will not go hungry.

What does Philippines import most?

Philippines Top 10 Imports

• Electrical machinery, equipment: US$27 billion (23.9% of total imports)
• Mineral fuels including oil: $13.6 billion (12%)
• Machinery including computers: $12.5 billion (11.1%)
• Vehicles: $8.5 billion (7.5%)
• Iron, steel: $3.9 billion (3.5%)
• Plastics, plastic articles: $3.7 billion (3.3%)

Who is Philippines largest trading partner?

Philippines top 5 Export and Import partners

How much does the Philippines export from the electronics industry?

From January to September 2019, total electronics exports grew to $32.22 billion, up by 2.25% from the same period last year, and accounting for 61.3% of the Philippines’ total exports, data from the Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) shows.

How did the Philippines’ semiconductor industry perform in 2014?

When global semiconductor sales grew by about 10% in 2014, the Philippines semiconductor industry was able to achieve a growth rate of 7.4%. Since 2007, the cluster growth in the industry has had an export CAGR of -2%, while the global rate in the same measurement was 4%.

What does the United States export to the Philippines?

Key U.S. exports to the Philippines are agriculture goods, machinery, cereals, raw and semi-processed materials for the manufacture of semiconductors, electronics, and transport equipment. The two countries have a bilateral Trade and Investment Framework Agreement, signed in 1989, and a tax treaty.

How much does the Philippines export from the commodity segment?

In 2018, the segment accounted for about $37.57 billion of commodity exports—representing more than half or about 55.67% of the country’s total exports—up by 2.83% from 2017 figures, according to the Philippine Statistics Authority (PSA).