EXPORT growth outpaced import growth in October 2022, as exports grew by 20 percent while imports gained 7.5 percent.
Export sales in October 2022 reached USD7.7 billion from October 2021’s record of USD6.4 billion.
Cumulatively, the value of exports from January to October 2022 was 6.3 percent higher at USD66.0 billion compared to the USD62.1 billion export sales within the same period in 2021, based on the Philippine Statistics Authority’s (PSA) preliminary data.
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 USD4.3 billion compared to the USD2.6 billion or a 62.7 percent increase.
Philippine exports of control and instrumentation, which were not affected throughout the pandemic, also continued to increase, growing by 38.5 percent in October, reaching USD705.5 million for the first 10 months of the year. This is more than twice its level of exports in 2019 at USD325.8 million.
Also, exports of consumer electronics and medical/industrial instrumentation recorded double digit growth rates at 20.7 percent and 15.0 percent in October, respectively. These brought January to October export sales to USD774.0 million and USD171.2 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 percent), ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (26.1 percent), and machinery and transport equipment (1.9 percent).
The electronics sector remains to be the Philippines' top export, accounting for 66.3 percent of total exports during the period with export sales value of USD5.1 billion. This month's top electronic exports are components/devices (semiconductors), electronic data processing, office equipment, consumer electronics, and telecommunication. Electronic exports increased by 39.6 percent annually to USD5.1 billion in the same period.
Meanwhile, Hong Kong, which usually ranks fourth, rises as the Philippines’ top export market for the month of October. Exports to Hong Kong were valued at USD1.3 billion from USD865.6 million in October 2021. This was followed by the United States of America (USA) with USD1.2 billion, Japan with USD999.7 million, China with USD959.6 million, and Singapore with USD438.0 million.
During the National Export Congress (NEC) 2022, Trade Secretary Fred Pascual said: “It is clear that industry development is the only way we can deliver exporting breakthroughs.”
“Paving the way toward exporting breakthroughs puts heavy emphasis on the role of government to clear out obstacles and invest in infrastructure that supports export development and growth. These can be done by addressing production constraints, complemented with the necessary private investments to expand our capabilities, and developing a solid and innovative export ecosystem with strong backward and forward linkages. Trade and investment promotion increase the Philippines' mindshare in the global market,” he added. (PR)