Philippines Top 10 Exports

excelsior on June 21, 2016

Workman, Daniel (2016, June 21). Philippines Top 10 Exports. Retrieved from http://www.worldstopexports.com/philippines-top-10-exports/

Exports from the Philippines amounted to US$58.6 billion in 2015, up 22.1% since 2011 but down -5.1% from 2014 to 2015. Philippines top 10 exports accounted for 80.1% of the overall value of its global shipments.

Based on statistics from the International Monetary Fund’s World Economic Outlook Database, the Philippines’ total Gross Domestic Product amounted to $742.3 billion in 2015.

Therefore, exports accounted for about 7.9% of total Filipino economic output.

From a continental perspective, 67.1% of Filipino exports by value are delivered to other Asian countries while 16.8% are sold to North American importers. The Philippines ships another 12.8% worth of goods to European clients with 1.3% going to Africa.

Given the Philippines’ population of 101 million people, its total $58.6 billion in 2015 exports translates to roughly $581 for every resident in that island country.

The unemployment rate for the Philippines was 5.8% as of January 2016 per Trading Economics.

Top 10

The following export product groups represent the highest dollar value in Filipino global shipments during 2015. Also shown is the percentage share each export category represents in terms of overall exports from the Philippines.

  1. Electronic equipment: US$26 billion (44.3% of total exports)
  2. Machines, engines, pumps: $8.2 billion (14%)
  3. Wood: $2.9 billion (5%)
  4. Medical, technical equipment: $2.4 billion (4.1%)
  5. Ores, slag, ash: $1.6 billion (2.8%)
  6. Ships, boats: $1.5 billion (2.6%)
  7. Vehicles: $1.4 billion (2.4%)
  8. Animal/vegetable fats and oils: $1.2 billion (2%)
  9. Knit or crochet clothing: $872.4 million (1.5%)
  10. Copper: $860.2 million (1.5%)

Medical and technical equipment was the fastest-growing among the top 10 export categories, up 276.5% for the 5-year period starting in 2011.

In second place for improving export sales were Philippines-made ships and boats which rose in value by 139.5% led by cargo vessels.

Filipino electronic equipment posted the third-fastest gain in value at 118.8%.
Leading the decliners among the top 10 Filipino exports were copper shipments declining by -36.8% and vehicles’ -35.8% slowdown in international sales.

Advantages

The following types of Filipino product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports is the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

  1. Electronic equipment: US$6.1 billion (Up by 98.9% since 2011)
  2. Wood: $2.5 billion (Up by 70.6%)
  3. Medical, technical equipment: $1.5 billion (Down by -6,408%)
  4. Ships, boats: $1.4 billion (Up by 160.8%)
  5. Ores, slag, ash: $1.3 billion (Up by 357.3%)
  6. Knit or crochet clothing: $722.7 million (Up by 0.1%)
  7. Fruits, nuts: $588.7 million (Down by -24.9%)
  8. Animal/vegetable fats and oils: $577.1 million (Down by -36.3%)
  9. Vegetable/fruit preparations: $479.9 million (Up by 53.5%)
  10. Copper: $423.9 million (Down by -40.8%)

The Philippines has highly positive net exports in the international trade of electronic equipment including consumer electronics. In turn, these cashflows indicate the Philippines’ strong competitive advantages under the electronic equipment category.

Opportunities

Below are exports from the Philippines that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country the Philippines’ goods trail Filipino importer spending on foreign products.

  1. Oil: -US$7.6 billion (Down by -34.1% since 2011)
  2. Vehicles: -$3.4 billion (Up by 433.2%)
  3. Iron and steel: -$1.6 billion (Up by 48.6%)
  4. Cereals: -$1.6 billion (Up by 16.6%)
  5. Plastics: -$1.5 billion (Down by -2.9%)
  6. Pharmaceuticals: -$1.2 billion (Up by 45.2%)
  7. Food waste, animal fodder: -$971.5 million (Up by 16.3%)
  8. Paper: -$864.5 million (Up by 32.5%)
  9. Meat: -$814.2 million (Up by 97.7%)
  10. Other food preparations: -$802.2 million (Up by 50.8%)

The Philippines has highly negative net exports and therefore deep international trade deficits for fossil fuels including crude and refined oils, coal and petroleum gases.

These cashflow deficiencies clearly indicate the Philippines’ competitive disadvantages in the international fossil fuel market, but also represent key opportunities for the Philippines to improve its position in the global economy through focused innovations particularly in alternative energy sources.

Companies

Filipino Export Companies

Ten Filipino corporations rank among Forbes Global 2000 for 2015. Below is a sample of the major export companies headquartered in the Philippines that Forbes included:

  • San Miguel (industrial conglomerates)
  • PLDT (telecommunications services)
  • Ayala (industrial conglomerates)
  • Aboitiz Equity Ventures (industrial conglomerates)
  • Alliance Global Group (industrial conglomerates)

According to global trade intelligence firm Zepol, the following companies are also examples of Filipino export companies:

  • Acbel Polytech Philippines (electric static converters, primary batteries)
  • Calfurn Mfg Philippines (bamboo/wood furniture, kitchenware, tableware)
  • Yuenthai Philippines (shirts, blouses)
  • Pacific Paint Boysen Philippines (polymers, oils)
  • Aruze G A Philippines Branch (machine tools, printers, copiers, operated games)