The Philippines ran up an overall -US$11.5 billion trade deficit during 2015 up by 95.3% from $5.9 billion for 2014. Yet hidden in the latest annual export statistics are fast-growing export success stories that confirm competitive advantages especially in building aircraft parts and making electronic components in the Philippines.
Solar power semi-conductors, wood carpentry, insulated wire and cargo ships were also among the 20 most valuable Filipino export products in 2015.
The following list shows on which products Filipino exporters earned the most money during 2015. Unlike most information currently available on the web, the items below are detailed at the 4-digit tariff code level. This can help entrepreneurs identify more precisely which products in which the the Philippines has strong competitive advantages compared with other nations — and therefore sales opportunities from new customers.
Most Valuable Filipino Export Products
Below are the 20 most valuable export products shipped by Filipino exporters in 2015. Shown within brackets is the 4-digit harmonized tariff system code for each item.
- Integrated circuits/microassemblies: US$14.4 billion (HTS code 8542)
- Computers, optical readers: $4.7 billion (8471)
- Solar power diodes/semi-conductors: $3 billion (8541)
- Wood carpentry, builders’ joinery: $2.8 billion (4418)
- Insulated wire/cable: $2.3 billion (8544)
- Computer parts, accessories: $1.9 billion (8473)
- Electrical converters/power units: $1.5 billion (8504)
- Cruise/cargo ships, barges: $1.5 billion (8901)
- Automobile parts/accessories: $1.3 billion (8708)
- Coconut/palm/babassu oil: $1.1 billion (1513)
- Nickel ores, concentrates: $739.8 million (2604)
- Copper ores, concentrates: $700 million (2603)
- Lower-voltage switches, fuses: $659 million (8536)
- Magnets including electro-magnets: $627.3 million (8505)
- Electrical capacitators: $594.3 million (8532)
- TV/radio/radar device parts: $568.9 million (8529)
- Aircraft parts: $525 million (8803)
- Electro-medical equipment (e.g. xrays): $520.4 million (9018)
- Miscellaneous preserved fruits: $486.4 million (2008)
- Printed circuits: $460.4 million (8534)
Among the most valuable products, Filipino aircraft parts posted the greatest increase in the value of export sales up an impressive 11,915% in value from 2011 to 2015.
In second place were exported magnets including electro-magnets, which improved 5,958% over the same 5-year period.
Filipino exports of electrical capacitators also showed a robust gain in 2015, up 953.9% since 2011. Printed circuits appreciated 442.5% while electro-medical equipment including xrays moved ahead in value by 275.9%.
Only two among the 20 most valuable export products from the Philippines registered declines since 2011. Made-in-the-Philippines automobile parts and accessories depreciated by -36.8%, while coconut/palm/babassu oil fell in value by -21.5% from 2011 to 2015.
Over that same period, the average change for all Filipino exports was a 22.1% uptick in value despite the global economic slowdown.
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 11, 2016
The World Factbook, Field Listing: Exports and World Population, Central Intelligence Agency. Accessed on April 11, 2016
Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on April 11, 2016