Exports to breach 2021 target – DTI

MANILA, Philippines — The Department of Trade and Industry (DTI) expects the country’s merchandise exports to exceed this year’s target of $55.8 billion given the positive performance of products being shipped overseas.

“We project that based on DBCC (Development Budget Coordination Committee) forecast as well as the Export Development Council target, we will surpass the target of $52.2 to $55.8 billion,” DTI Export Marketing Bureau director Christopher Lawrence Arnuco said during the Touchpoint 2.0: A Central Luzon Business Conference yesterday.

As early as June, the country’s merchandise exports have already reached over 51.3 percent of the target for this year.

He said the country’s merchandise exports are back to pre-pandemic levels, registering a double-digit growth.

As of end-September, the country’s merchandise exports stood at $55.68 billion, up 18 percent from the $47.19 billion in the same period last year.

Arnuco said the country has seen certain exports generate good performance from January to September.  These products include electronics which grew 17.3 percent to $34.12 billion as of end-September.

Semiconductor and Electronics Industries in the Philippines Foundation Inc. president Dan Lachica said the group now expects electronics exports to grow by 10 percent this year from an earlier estimate of five percent amid strong demand.

Arnuco said other exports that posted growth in the first nine months include mineral products (27.94 percent), chemicals (51.38 percent), metal components (35.81 percent), as well as coconut oil (43.51 percent).

Philippine exports to six out of the top 10 markets have already shown strong growth not only compared to the previous year, but also in comparison to the pre-pandemic years such as the US, China, Hong Kong, Thailand, Germany, and Taiwan.

The country’s exports to other top markets such as Japan, Netherlands and Singapore are showing signs of recovery, but are still not back to pre-pandemic levels.

Meanwhile, Philippine exports to South Korea are on a decline both in comparison to the previous year and pre-pandemic years.