The Department of Trade and Industry (DTI) is optimistic that the agriculture sector will contribute to export growth by focusing on high-value and in-demand goods such as coconut oil and purple yam.
Trade Secretary Maria Cristina A. Roque noted in a statement that the latest export data highlight Philippine exporters' competitiveness despite global headwinds.
“Moving forward, we are ensuring a sharper focus on accelerating the growth of our agricultural sector, ensuring that our high-value agri-products and innovative goods are ready to compete on the global stage,” she said.
Merchandise exports rose 7.6% to $7.87 billion in May, the highest since $8.19 billion was posted in March, while growth rates were the strongest since the 20.8% report also in March.
In the first five months, exports were up 10.6% at $37.87 billion, with double-digit growth in the export of electronic products, machinery and transport equipment, mineral products, gold, coconut oil, and fresh bananas.
Exports of electronic products rose 17.5% year on year to $20.83 billion by the end of May, with semiconductor shipments increasing 19.1% to $15.65 billion.
The DTI noted strong demand for coconut oil, where exports rose 10.3% to $1.32 billion in the first five months, driven by demand from key markets like the Netherlands, Malaysia, and the US.
The DTI has also cited ube and calamansi as the “rising stars” of the export trade, though domestic production has struggled to keep pace with foreign market demand, particularly for ube.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort called for investment in technology to boost agricultural productivity, citing the need to further boost competitiveness and productivity through the use of best global practices/technology.
Even with the strong performance of exports in May, the trade-in-goods deficit widened to $5.48 billion following a double-digit surge in imports.
The DTI is set to host the Exporters’ Fair between July 22 and 26 at the SM Megatrade Hall in Mandaluyong City to promote and support Philippine exporters.
