Philippine Q1 exports highest in six years; 9.8% higher than Q1 of previous year
Food & Beverages
The Department of Trade and Industry (DTI) of the Philippines has announced that the country has seen the highest quarterly export performance in the last six years. he export volume reached US$19.4 billion in the first quarter this year, increasing by 9.8 per cent compared to the previous year. In March alone, the South-East Asian country's monthly exports reached US$7.2 billion, or 5.9 per cent higher compared to March 2021. Trade Secretary Ramon Lopez said the data shows that the Philippines continues to sustain export growth in a much better position than pre-pandemic levels and has been able to catch up as global trade expands. Lopez said he expects the Philippine economy to rebound and grow in the coming months.
"The only uncertainty is the possible global slowdown towards the second half of the year," Lopez said. The DTI said exports in electronics, other mineral products, copper cathodes and sections of cathodes, coconut oil, and processed food and beverages propelled the growth. Ten other export commodity groups also recorded an increase in export sales this quarter. In terms of markets, the United States ranks first as the country's largest export market in the first quarter, and China was the Philippines' top export destination for March.