One of the fastest-growing emerging markets in Asia, the Philippines is the 12th largest economy in Asia and the third largest in ASEAN. According to the Philippine Statistics Authority (PSA), as of 2022, international trade in the Philippines grew at an annual rate of 20.1%, with total trade amounting to US$16.78 billion; with the country’s exports making up 36% of the trade amount.
The following sections will discuss insights gleaned from the aforementioned report and other sources, including the top five products to export from the Philippines and which trade markets are in demand for such products, as well as how small businesses (MSMEs) can start their exporting operations as they plan to expand overseas.
What are the Philippines’ main export products?
As of 2022, these are the top five products for export from the Philippines.
1. Electronic products
Topping the list are electronic products, which made up 58% of the country’s total exports (worth US$3.51 billion). The popular electronic goods that were exported, along with their total export value, drawn from Statista, are as listed:
Semiconductors — US$2756 million
Electronic data processing — US$568 million
Telecommunications — US$89 million
Consumer electronics — US$75 million
Office equipment — US$57 million
The Philippines exported electronic products to the United States, China, Singapore, Hong Kong, and Japan.
2. Manufactured goods
Second on the list are manufactured goods. The export value of manufactured goods was US$450 million, making up 7.5% of the total exports. The list of products made in the Philippines that are manufactured goods includes steel, chemicals, paper, textile, aircraft, machinery, clothing, vehicles, refined petroleum products, and others. Countries that import these goods include the United States, China, Japan, South Korea, Hong Kong, and Singapore.
3. Cathodes and sections of cathodes of refined copper
Cathodes and sections of cathodes of refined copper come in third on the list of products the Philippines has exported abroad, making up 3.8% of the total export value (US$ 231.7 million), according to Statista. The country exported cathodes and sections of cathodes of refined copper that amounted to an approximate of PH₱93 billion in 2021. The main export destinations for these goods with their total export value for the year 2020, reported by the Observatory of Economic Complexity (OEC), are as listed:
China — US$ 1.81 million
Chinese Taipei — US$1.54 million
Germany — US$1.18 million
Japan — US$1.16 million
Brazil — US$265k
4. Coconut oil
Fourth on the list would be coconut oil, one of the popular food products exported from the Philippines. As of January 2022, the PSA recorded a total export value of coconut oil at US$178 million. From 2021 to 2022, coconut oil exports showed a record annual increase of 110.1%, proving that this is a product in high demand. In August 2021, the leading destinations for coconut oil, OEC numbers indicate, are:
The Netherlands — US$41.6 million
The United States — US$34.3 million
Indonesia — US$15.5 million
Italy — US$8.97 million
Malaysia — US$8.23 million
5. Ignition wiring set and other wiring components used in aircraft, vehicles, and ships
Ignition wiring and other wiring components complete the top five list of export products made in the Philippines. This commodity group has a total export value of US$175.9 million. The United States, Japan, Germany, Spain, and Korea are the leading importers of this commodity.
