The Philippines has emerged as one of the fastest-growing economies in Southeast Asia due to its strategic location and abundance of natural resources it makes Philippines a major hub for international export trade.
In 2023, Philippines was ranked as the world 29th largest exporter with the total export value of $66 billion USD. It is projected that in coming years Philippines export will climb up even more due to various factors such government creativities to promote export and attract foreign investments, enhanced infrastructure for transportation and logistics and favorable trade agreements and policies with other countries.
Philippines population as a result of upward trend has been reached to 115 million in 2023. The constant increase in the population every year have a positive impact on the country’s economic growth and development. Growth in population increase the demand of consumer goods and services that leads to increase in products and employment opportunities.
Simultaneously with growing population the GDP of the Philippines has been increased steadily. In 2023, GDP of Philippines recorded $414 billion. The increase in the GDP is result of thriving industries such as manufacturing, agriculture and services sectors which aim at boosting economic development every year.
Philippines main export product industries are electronics, agriculture, and mining sectors that are thriving in 2023 . Electronics products such as semiconductors, electronic data processing units, and consumer electronics are accounted for nearly half of all Philippines exports. Other agriculture exports are also the top exported products from Philippines such as coconut oil, Fruits are in high demand from Philippines.
The Philippines' top export destinations in 2021 were Japan, China, and the United States. A However, a significant growth in exports to other countries such as South Korea, Singapore, and Australia has been highlighted in this year.
