Approaching two-thirds of the total value of exported Filipino goods arrive in two EU countries, namely Germany (36.9%) and the Netherlands at (24.7%). Well behind in third place was the United Kingdom, which purchased 6.7% of all EU imports from the Philippines in 2015.
Not only are export sales to the UK relatively smaller, Philippine exporters have experienced a -17.3% decline in sales to Britain since 2013. In contrast, Filipino exports shipped to Germany have increased in value by 13.2% and by higher percentages to other EU members including Spain (up 22%), France (up 34.7%), Malta (up 752.5%) and Cyprus (up 10,352%).
Top 10 Filipino Exports to the European Union
Below are the top 10 export products shipped from the Philippines to the EU during 2015. Shown within parenthesis is the percentage change in sales over the three-year period starting in 2013.
- Integrated circuits/microassemblies: US$2.1 billion (up 26.2% since 2013)
- Computers, optical readers: $674.5 million (up 8.3%)
- Coconut/palm/babassu oil: $468.2 million (up 34.4%)
- Cruise/cargo ships, barges: $402.4 million (up 117%)
- Electrical converters/power units: $309.5 million (down -30.8%)
- Solar power diodes/semi-conductors: $247.5 million (down -16.2%)
- Regulating/control instruments: $228.4 million (up 876.1%)
- Aircraft parts: $208 million (up 143.2%)
- Computer parts, accessories: $166.9 million (up 23.2%)
- Fish, caviar (preserved/prepared): $125.4 million (down -57.8%)
The top 10 products represent $4.9 billion in sales or over two-thirds (68.9%) of all EU purchases from the Philippines.
Several of the top items reflect the Philippines’ world-class electronics and computer industries. Other products like cruise or cargo ships and barges are specialized products that require longer delivery times and higher upfront costs.
The fastest-growing top category is regulating and control instrumentation, which services high-tech industrial needs.
The Philippines continues to enjoy expanding export sales for these top 10 exports to the EU, with a 20.1% increase in value in 2015 since 2013 and a 13% year-over-year uptick from 2014 to 2015.
Given these metrics, it is unlikely that the recent Brexit vote will have an immediate negative impact on Filipino international trade.
Resources
The World Factbook, Field Listing: Exports – Commodities, Central Intelligence Agency. Accessed on June 25, 2016
Trade Map, International Trade Centre. Accessed on June 25, 2016