The Philippines is among 10 new emerging economies citing the country’s high growth potential, favorable business environment, good production prospects, and sufficient financing to support expansion. The country has been transitioning from being one based on agriculture to one based more on services and manufacturing. Here are some ideas and examples of Philippine top export products.
Woodcrafts And Furniture
The Philippines is often referred to as the Milan of Asia. The Philippine furniture designers are sought after in other Asian countries such as China, Vietnam and Indonesia. The unparalleled design and craftsmanship of locally-manufactured furniture pieces have earned for Philippine furniture a prime spot in the world market. This industry has shown a steady growth of 11% per year for the past decade making it a truly surging export of the Philippines. (examples are woodcarvings, rattan and bamboo furniture).
The Philippines has recently emerged as one of the rapidly growing agri-food markets in the Asian region. Increased standards of living are driving new demand for processed foods and beverages as well as high quality agricultural commodities.The Aquino government has been supporting different agri-products such as banana, sugar and rice exporting.
Marine Food Products
The Philippines continues to grow as one of Asia’s most reliable source for high-grade food products. Being an archipelago the Philippines has miles and miles of shoreline surrounding seven thousand plus islands. Marine food products are naturally one of the strong points of the country. Health-conscious consumers are always looking for organic and healthy products such as organic sea salt, seaweeds and other commodities.The country is still producing majority of the total global production of Milkfish or Bangus. Some of the main aquaculture products of the Philippines are tuna, milkfish, shrimps and prawns.
Coconut Water And By-Products
The Coconut water is another strong exporting opportunity for the country. This industry has experienced a massive leap in sales reaching up to 300% increase. Coconut water is rich in potassium and magnesium, and contains a considerable amount of vitamin B which aids in strengthening the muscles.
The given industry has also experienced a leap in sales to non-Filipino buyers around the world.
Clothing And Fashion Accessories
The textile and clothing industry in the Philippines ranks as the country’s fifth largest manufacturing sector in terms of output value and exports. The Philippine textile and apparel industry is poised for growth and is aiming to raise its competitiveness in the world market. Fashion accessories are quite in trend as well and many people looking for the fresh and unique in fashion tend to look for export products from many countries, including the Philippines.
Natural Health Products
The natural health products industry is a trillion-dollar global market. People are now getting more health conscious these days resulting to a boom in the natural health product sales. Health products from the Philippines has tremendous potential to penetrate the global market. The USA, Europe, Middle East are great targets for exporting these products. Some examples of natural health products are the malunggay extracts, virgin coconut oil, organic soap and natural fruit extracts to name a few.
Electronics And Gadgets
Since the boom of computer accessory exports in 2008 the Philippines has seen this industry as one of the fastest selling products. The electronic industry remains the top selling product of the country accounting to 51% of our total exports. Its reputation as a fast growing shipment since its boom in 2008 has helped it become a very reliable export source for the Philippines.
Even before Yamashita treasure days, the Philippine islands’ have been known for having substantial deposits of gold and other minerals. Northern Luzon, Masbate, Mindanao and the Negros Islands are some of the more prominent sources.