Tuesday, April 16, 2024

Electronic products remain PH’s top exports in 2022

Electronic products continued to be the Philippines’ top export in 2022 valued at $45.66 billion, accounting for 57.8 percent of the total exports followed by mineral products worth $3.84 billion and manufactured goods which amounted to $3.83 billion.

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The Philippine Statistics Authority (PSA) said that the country’s total export sales rose by 5.7 percent to $78.98 billion in 2022 compared to the previous year.

Total external trade in goods grew by 12.9 percent to $216.2 billion in 2022 from $191.58 billion in 2021. The balance of trade in goods amounted to $58.24 billion, indicating a trade deficit with an annual increase of 38 percent.

By major trading partner, exports to the US comprised the highest export value amounting to $12.47 billion or a share of 15.8 percent of the country’s total exports last year.

The top exported commodities to the European Union (EU) in 2022 were electronic products valued at $5.94 billion (64.3%), coconut oil (10.5%), manufactured goods (4.2%), tuna (2.5%), and machinery (2.5%).

The country’s leading export commodities to the Asean member countries in 2022 were electronic products, $8.44 billion (62.7%, cathodes (7.2%), manufactured goods (4.7%), metal components (3.3%), and mineral products (3.2%).

Most of the imported goods in 2022 were electronic products valued at $32.75 billion which accounted for 23.9 percent of the country’s total imports followed by mineral fuels ($23.80 billion), and transport equipment ($10.92 billion).

Japan is the country’s top export trading partner in 2022 with exports valued at $11.13 billion (14.1%) followed by China ($10.97 billion), Hong Kong ($10.48 billion), and Singapore ($4.91 billion).

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