Philippine exports reached record high $70.3 billion in 2019, from $69.3 billion in 2018, despite external headwinds from the global trade policy uncertainties

Philippine exports reached record high  $70.3 billion in 2019, from $69.3 billion in 2018, despite external headwinds from the global trade policy uncertainties, geopolitical tensions, and country-specific challenges, Trade Secretary Ramon M. Lopez revealed this week.

“The relatively strong export performance of the Philippines transpired amid DTI’s [Department of Trade and Industry] strong efforts in attracting investments, spurring MSME [micro, small and medium enterprises] development, and promoting the ease of doing business,” the trade chief said.

Growing at 1.5 percent year-to-date, the country’s export growth is also the second-best performer among East Asian economies, next to Vietnam. The Philippines, China and Vietnam were the only three countries that reported positive export performance among 11 trade-oriented Asian economies last year.

“Our goal was to expand the productive capacity and export base, as well as in actively enhancing trade relations with existing partner economies, by marketing products abroad and exploring new export markets,” Lopez said.

For the first time, electronics exports hit $40 billion with a 4.4-percent year-to-date growth. The sector comprised of 56.9 percent of total exports, with nonelectronic products the remaining 43.1 percent at $30.3 billion. For nonelectronic products, top growers are: mineral products; fruits and vegetables; and travel goods and handbags.

The top 4 destinations for Philippine merchandise items last year were the United States, Japan, China and Hong Kong. Lopez said that curbing inflation via aggressive price monitoring activities has also contributed in making locally-made products attractive to the global market.

In December 2019, the Philippines was also the top performer with a 21.4-percent year-on-year growth, the fastest pace in 2019. This was largely on the back of a 24.9- percent year-on-year  jump in electronic exports, which accounted for 60 percent of merchandise exports in December. Other top export items for the month that also recorded growth include bananas, chemicals, copper metal, machinery and transport equipment, among others.