#Philippines biggest export plus

In his remarks, Trade Secretary Alfredo Pascual said the Philippines’ “vast export potential” could be unleashed through the following: The top eight sectors are estimated to account for $213 billion, or 88.5%, of the $240.5 billion in total exports eyed by 2028. The sixth-top sector is wearables, fashion accessories, and travel goods, with a $4.5 billion total export value.Ĭhemicals and home furnishings are the seventh and eighth top export sectors, seen to contribute $2.4 billion and $1.4 billion, respectively, come 2028. Transport products account for $6.8 billion in projected total receipts. Ranking third is minerals, projected to account for $19.4 billion in the next six years, followed by agriculture and agri-based exports at $8.9 billion. Total exports are expected to hit $186.7 billion in 2026 and $212.1 billion in 2027.īy 2028, electronic and electrical exports are expected to contribute the lion’s share with $106.4 billion to the total, followed by the Information Technology-Business Process Management sector with $63.2 billion in total receipts. The export development plan projects that total exports will grow further to $143.4 billion in 2024 and $163.6 billion in 2025. Data from the Philippine Statistics Authority showed that total export receipts in 2022 amounted to $78.84 billion, up 5.6% from $74.65 billion in 2021. The PEDP sets a total export target of $126.8 billion for this year. Under the Philippine Export Development Plan (PEDP) 2023–2028, launched during the International Trade Forum in Taguig City on Thursday, the total export target for the next six years depends on the growth of the top eight export sectors, which comprise 88.5% of the country’s total exports. From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.The government has set an ambitious target to grow the country’s total exports to $240.5 billion come 2028 -the last year of President Ferdinand Marcos Jr.’s term-under a new six-year development plan that aims to transform net importer the Philippines into an 'export powerhouse.' This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. GNI, calculated in national currency, is usually converted to U.S.

#Philippines biggest export plus

GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. dollars using the World Bank Atlas method, divided by the midyear population. GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S.