In October 2022, export growth outpaced import growth as exports grew by 20% while imports gained 7.5%, based on the Philippine Statistics Authority’s (PSA) preliminary data.
Export sales in October 2022 reached $7.7 billion from October 2021’s record of $6.4 billon. Cumulatively, the value of exports from January to October 2022 was 6.3% higher at $66.0 billion compared to the $62.1 billion export sales within the same period in 2021.
For the month of October, Philippines ranked as one of the best performing exporting economies, outpacing the export growth of Malaysia, Indonesia, Singapore, and Vietnam.
The export growth was primarily driven by increased exports of the components/devices’ (semiconductors) with outbound shipments reaching $4.3 billion compared to the $2.6 billion or a 62.7% increase.
Philippine exports of control and instrumentation, which were not affected throughout the pandemic, also continued to increase growing by 38.5% in October, reaching $705.5 million for the first 10 months of the year. This is more than twice its level of exports in 2019 at $325.8 million.
Likewise, exports of consumer electronics and medical/industrial instrumentation recorded double digit growth rates at 20.7% and 15.0% in October, respectively. These brought January to October export sales to $774.0 million and $171.2 million, respectively.
Further, 21 of the 48 Philippine export commodity groups continue to drive the resurgence of the country’s export sector, registering consistent increases in export sales compared to three periods: 2021, 2020, and the pre-pandemic average from 2017-2019.
These were led by electronics (including other electronics), other mineral products, other manufactures, coconut oil, and pineapple and pineapple products.
Three export sectors in the top 10 major commodity group also recorded annual increases. These are electronic products (39.6%), ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (26.1%), and machinery and transport equipment (1.9%).
The electronics sector remains to be the Philippines’ top export, accounting for 66.3% of total exports during the period with export sales value of $5.1 billion.
The month’s top electronic exports are components/devices (semiconductors), electronic data processing, office equipment, consumer electronics, and telecommunication.
Electronic exports increased by 39.6% annually to $5.1 billion in the same period.
Meanwhile, Hong Kong, which usually ranks 4th place, rises as the Philippines’ top export market for the month of October.
Exports to Hong Kong were valued at $1.3 billion from $865.6 million in October 2021. This was followed by the United States of America (USA) with $1.2 billion, Japan with $999.7 million, China with $959.6 million, and Singapore with $438.0 million.
