Major opportunities, risks in Philippine exports

The Philippine export industry is starting to get in shape. According to the report published by World’s Top Exports in March 2019, the Philippines distributed $67.5 billion worth of goods to the global market last year, with a 9.2 percent increase from 2017 to 2018. Top four export product groups with the highest dollar value in Filipino global shipments during 2018 are: 1) Electrical machinery and equipment, $32.9 billion; 2) machinery, including computers, $9.6 billion; 3) optical, technical, and apparatus, $2.2 billion; and 4) fruits and nuts, $2.1 billion.

Although recent statistics show that growth in exports has slowed down in recent years, the merchandise trade of the country still depicts a positive trade balance surplus, especially in the four major product groups mentioned.

The country’s export has been gaining momentum as we enter 2019 compared to the previous year. However, given the constantly evolving global market, the government and the export sector should also step up in finding ways to mitigate the risks and turn shortfalls to major opportunities, to improve our standing in the realm of international merchandise trade. – Geneva Mae Ibabao, Manila