Tuesday, May 30, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

10-month exports rose 16% to $62 billion

Julito G. RadabyJulito G. Rada
December 10, 2021, 8:50 pm
in Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Exports in the first 10 months jumped 16.1 percent year-on-year to $62.10 billion, with electronic products contributing the highest sales, data from the Philippine Statistics Authority show.

The Department of Trade and Industry said despite some disruptions in the reopening of the global economy and in international trade, merchandise exports increased 2 percent year-on-year to $6.4 billion in October this year from $6.3 billion a year ago.

“This positive development despite global trade challenges is also attributed to the decision of the Inter-Agency Task Force on the Management of Emerging Infectious Diseases not to disrupt exporters’ operations by allowing 100-percent capacity even during the enhanced community quarantine and stricter alert levels. This, thus, boosted the performance of the sector and allowed them to fulfill their commitments to the global market,” said Trade Secretary Ramon Lopez.

The PSA said that by commodity group, electronic products remained the country’s top export in October with total earnings of $3.65 billion, accounting for 57.0 percent of the total exports in the month. This was followed by other manufactured goods with an export value of $350.18 million (5.5 percent); and other mineral products which amounted to $298.48 million (4.7 percent).

Exports in October increased 2 percent to $6.41 billion, following a 6.4-percent growth in September. In October 2020, export sales were down 0.9 percent.

The PSA said that of the 10 major commodity groups in terms of the value, seven recorded annual increases led by coconut oil (76.9 percent); cathodes and sections of cathodes, of refined copper (56.0 percent); and chemicals (53.7 percent).

With manufacturing activity in China starting to pick up, the Chinese market topped the list of Philippines’ export market in October, accounting for 15.8-percent share. The US, Hong Kong and Japan closely followed at 15.0-percent, 13.5-percent and 13.4-percent shares, respectively.

With exporters continuing to face challenges brought about by shipping issues, Philippine exports to China and Hong Kong increased of the top 10 export markets of the country.

“Philippine exports are highly concentrated not just on a few sectors but also on a few firms, particularly in electronics. COVID-19 has further highlighted the importance of actively seeking new markets and diversifying export products in building a resilient and agile export industry,” said Lopez.

In 2020, more than 3,700 exporters accessed new markets (both traditional and non-traditional) to dampen the economic impact of COVID-19. The Philippines also recorded new exports in 32 product lines that were not previously exported in the last five years.

“We need to actively pursue export diversification strategies, both in terms of markets, products and services to ensure long-term export competitiveness of the country and improve resiliency to future shocks,” Lopez said.

Meanwhile, imports in the first 10 months hit $95.31 billion, an increase of 29.7 percent from the import value of $73.48 billion a year earlier. Electronic products accounted for the highest import value among commodity groups.

“Most of the imported goods were electronic products with an import value of $2.85 billion or a share of 27.4 percent to the total imports in October 2021. This was followed by mineral fuels, lubricants and related materials, valued at $1.65 billion [15.8 percent]; and transport equipment which amounted to $567.68 million [5.4 percent],” the PSA said.

Total imported goods in October amounted to $10.43 billion, up by 25.1 percent from a year ago. “The annual increment of imported goods in October 2021 was due to the increase in eight of the top 10 major commodity groups which was led by mineral fuels, lubricants and related materials with 163.7 percent increase,” the PSA said.

Tags: Department of Trade and Industryelectronic productsexportsPhilippine Statistics Authority
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

Budget surplus of national gov’t climbed 13 times to P66.8b in April

byJulito G. Rada
May 29, 2023, 7:00 pm
0
8
How the weaker peso is affecting remittances—and three ways Filipinos can take advantage

The national government posted a budget surplus of P66.8 billion in April, or more than 13 times the P4.9 billion...

Read more

Higher mortgage rates to affect completion of condo projects

byJenniffer B. Austria
May 29, 2023, 6:20 pm
0
8

Property consultancy firm Colliers said Monday the completion of condominium projects is expected to slow down this year amid elevated...

Read more

DTI proposes temporary tariff cuts on electric vehicles

byManila Standard Business
May 29, 2023, 6:10 pm
0
8
Exporters urged to tap plant-based meat mart

The Department of Trade and Industry is taking a more proactive role in support of the widespread adoption of electric...

Read more

Biden and McCarthy finalize US debt deal, confident it will pass

byAFP
May 29, 2023, 6:03 pm
0
8
Emotional Biden mourns on anniversary of Uvalde school massacre

WASHINGTON, USA—President Joe Biden and Republican leader McCarthy said Sunday that a final bipartisan deal to raise the US debt...

Read more

Hong Kong treads line to regulating retail crypto trade

byAFP
May 29, 2023, 6:01 pm
0
8
Southwoods nails Seniors’ Fil golf crown

HONG KONG, China—Retail investors in Hong Kong may soon be able to buy popular cryptocurrencies like bitcoin at government-licensed exchanges,...

Read more

Japan firm gets incentives for Subic expansion

byOthel V. Campos
May 28, 2023, 7:20 pm
0
8
Japanese firm to break ground on P40-b facility

The Fiscal Incentives Review Board approved Nidec Corp.’s application for incentives for its P4.2-billion expansion project in Subic Bay Freeport...

Read more

Print Edition

View More

Recent Posts

  • Russia fires missiles on Kyiv in rare daytime attack
  • Moms prefer to splurge on care and healthy products over Mother’s Day feast — Packworks study
  • ROBINSONS BANK CORPORATION: Notice of Annual Stockholders’ Meeting
  • FIRST METRO PHILIPPINE EQUITY EXCHANGE TRADED FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC.: Notice of Annual Shareholders’ Meeting
  • FIRST METRO SAVE AND LEARN BALANCED FUND, INC.: Notice of Annual Shareholders’ Meeting

Advertisement

Latest News

FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:30 am
0
8
FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:25 am
0
8
FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN BALANCED FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:20 am
0
8
FIRST METRO SAVE AND LEARN BALANCED FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO CONSUMER FUND, INC: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:15 am
0
8
FIRST METRO CONSUMER FUND, INC: Notice of Annual Shareholders’ Meeting

Read more

FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC.: Notice of Annual Shareholders’ Meeting

byManila Standard
May 30, 2023, 6:10 am
0
8
FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC.: Notice of Annual Shareholders’ Meeting

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App