Wednesday, May 22, 2024

Electronic products remain PH top export in August 2022

Electronic products continued to be the Philippines’ top export in August 2022 with total earnings of $3.66 billion which accounted for 57.1 percent of the total exports during the period followed by other manufactured goods valued at $341.32 million, according to Philippine Statistics Authority (PSA).

Photo from Freepik.com

The country’s annual total export earnings from January to August 2022, amounted to $51.16 billion, an increase of 4.4 percent compared with the same period last year.

The PSA said that exports of manufactured goods shared the biggest to the total exports in August 2022 amounting to $5.29 billion (82.6%), followed by agro-based products valued at $ 497.84 million (7.8%) and mineral products which contributed $408.42 million (6.4%).

The United States is the country’s top export market with highest export value of $1.05 billion or a share of 16.3 percent of the total exports in August 2022, followed by Japan (14.5%), China (13.1%), Hong Kong (11.4%), and Singapore (6.8%).

Meanwhile, imports of electronic products amounted to $2.89 billion which accounted for 23.3 percent of the total imports in August 2022 followed by mineral fuels and lubricants valued at $1.93 billion (15.6%) and transport equipment (7.6%).

Total imports rose by 26 percent to $92.9 billion in the first eight months of 2022 compared to the same period last year. China was the country’s biggest supplier of imported goods valued at $2.71 in August 2022 followed by Indonesia ($1.3 billion), Japan ($1 billion), South Korea ($939.1 million) and Singapore ($853.7 million).

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