In 2014, exports from the Philippines amounted to US$61.8 billion, up 20% since 2010. Philippines’ top 10 exports accounted for 78.6% 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 $692.2 billion in 2014. Therefore, exports accounted for about 8.9% of total Filipino economic output.
Given the Philippines’ population of 101 million people, its total $61.8 billion in 2014 exports translates to roughly $612 for every resident in that country.
The following export product groups represent the highest dollar value in Filipino global shipments during 2014. Also shown is the percentage share each export category represents in terms of overall exports from the Philippines.
Medical and technical equipment was the fastest-growing among the top 10 export categories, up 340.3% in value for the 5-year period starting in 2010. In second place for improving export sales was ships and boats which were up 288.4% led by cruise ships, cargo ships and barges. Filipino ores, slag and ash posted the third-fastest gain in value at 266.7%. Notable gainers were nickel, copper and iron ores and concentrates.The only declining category among the top 10 Filipino exports was vehicles which was down in value by 10.8%.
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.
The Philippines has highly positive net exports in the international trade of semiconductors, integrated circuits, insulated wire, electric transformers and static converters. In turn, these cashflows indicate the Philippines’ strong competitive advantages under the electronics product category.
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