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Philippines diversifying exports, improving market mix
MANILA, Philippines — Government efforts to diversify merchandise exports and improve market mix are coming into realization with the growing share of non-electronic products, the Department of Trade and Industry (DTI) said.
According to DTI, the value of merchandise exports from January to November last year was shared almost evenly by electronics and non-electronics with 51.38 percent and 48.62 percent, respectively.
“The increase of exports sales for some non-electronic goods this year may be viewed as a result of the sector-focused intervention included in the 2015-2017 Philippine Export Development Plan,” Trade Undersecretary Nora Terrado said.
Exports of non-electronic goods increased 10.73 percent in the 11-month period backed by higher demand across a wide range of sectors.
Topping the list were forest products which surged 560.9 percent year-on-year.
Other commodities such as mineral products, sugar and products, footwear, coconut products, non-metallic mineral manufactures, and furniture and fixtures saw a double-digit jump in receipts.
Exports of garments also improved by three percent, while travel goods and handbags went up by 1.53 percent.
Electronic products, which accounted for more than half of the country’s merchandise exports, grew 10.84 percent in receipts in January to November last year.
“This was achieved on the back of the robust performance of six out of the nine subsectors of the industry which contributed a 97.95 percent share in the cumulative total value of the industry,” the DTI said.
The leading destination of Philippine merchandise exports for the 11-month period was still the combined markets of China and Hong Kong.
Shipments to this combined market increased by 21 percent, accounting for 24.49 percent of the total exports.
The next leading destination was Japan with a 16.42 percent share, followed by the US with 14.6 percent share of the total exported goods.
Source: http://beta.philstar.com/business/2018/01/14/1777446/phl-diversifying-exports-improving-market-mix#2WW71qlHSZis1dr2.99