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Export News
19-03-2024
Positive Growth in Philippine Exports in January
In January 2024, Philippine exports surged, demonstrating positive growth trends in the market. With a total export value of $5.94 billion, an increase of 9.1% compared to the same month last year, the Philippines showcased its resilience and potential in the global trade arena.
1. Electronics Products Leading the Export Growth:
In January 2024, electronics products continued to dominate Philippine exports, reaching a total revenue of $4.8395 billion. Following closely were machinery and transportation equipment, contributing an annual increase of $37.76 million, and coconut oil with a yearly increment of $29.25 million.
2. Industrial Manufactured Goods Maintaining Significant Share:
Industrial manufactured goods remained the largest contributor to the overall export value, reaching $4.83 billion and constituting 81.4% of the total export value. This was followed by mineral products at $5.5395 billion (9.3%) and agricultural products at $4.3039 billion (7.3%).
3. United States as the Top Export Destination:
In terms of major trading partners, the United States accounted for the highest export value in January 2024, totaling $9.02 billion, representing 15.2% of the total Philippine exports. Japan followed closely at $8.6925 billion, comprising 14.6% of the total exports. Hong Kong, mainland China, and South Korea ranked next, contributing $7.61 billion, $6.24 billion, and $3.56 billion, respectively, accounting for 12.8%, 10.5%, and 6.0% of the export value.
4. Focus on Asia-Pacific Economic Cooperation (APEC) Countries:
Most of the Philippine exports in January 2024 were directed towards APEC countries, with an export value of $48.2 billion, representing 81.2% of the total exports. East Asia followed with a value of $28.7 billion (48.3%), followed by the Regional Comprehensive Economic Partnership (RCEP) at $27.9 billion (46.9%).
5. East Asia Leading in Export Value by Geographic Region:
Geographically, East Asia accounted for the highest export value in January 2024, reaching $28.7 billion (48.3%). North America followed with an export value of $9.4206 billion (15.9%), and Southeast Asia with $8.8942 billion (15.0%).
Finding Exporters in the Philippines:
The Philippines presents a promising market for foreign trade enterprises, but accessing it requires careful planning and strategic partnerships. When looking for reliable partners in the Philippines, it's crucial to select experienced and reputable collaborators to ensure smooth business operations in the market.
During the initial stages of market development, relying solely on business directories or online trade platforms to find Philippine exporters may not be wise. This approach only provides limited information about the companies, such as their production capabilities, without insights into their reputation, product quality, pricing, annual production volume, past buyers, preferred markets, and more. In such cases, customs data platforms serve as valuable assistants, offering comprehensive insights into Philippine exporters and enabling businesses to make informed decisions based on accurate and detailed customs data. Additionally, customs data companies provide access to contact information for company executives, allowing direct communication with key personnel for better understanding and engagement with Philippine exporters.
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