The national economy of the Philippines is the 43rd largest in the world, with an estimated 2011 gross domestic product (nominal) of $224.754 billion. It is estimated that the country's rank will climb to the 18th spot by 2017 and 9th spot by 2050. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. Goldman Sachs includes the country in its list of the "Next Eleven" economies. But China and India have emerged as major economic competitors.
Goldman Sachs estimates that by the year 2050, the Philippines will have the 14th largest economy in the world and one in its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050.
Exports are a significant sector of the Philippine economy and help contribute as a source of foreign currency. The creation of these export products also provide much needed employment to thousands of Filipinos all around the country, which range from agriculture, construction, service and manufacturing sectors. Exports also provide the opportunity to show that Filipino workmanship is among the best in the world in terms of quality and reliability.
Below are just some of the many products that Filipinos produce so well and are sent to all corners of the globe.
Coconut Oil
Although challenged by biofuel’s high local demands and experienced a significant drop, coconut oil remains to be at the top in the list of export products in the Philippines. There is already a rich database of individuals who continue to advance the trend of exporting coconut products. Coconut oil is a very versatile product that is used for many applications in food processing, energy and cosmetic and consumer products.
Gold
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. Mining operations in many provinces continue to produce gold that is sold as is or crafted here and abroad into fine works of art, jewelry, accessories, or parts of electronic products like cellphones.
Dried Fish and other Seafood
Dried fish and other fish products are also another source of Philippine export products. The archipelago boasts of numerous bodies of water which make it a biodiversity hotspot filled with fishing areas. Tuna and other species of large fish are sent frozen or fresh to neighbors like Japan, Australia, Hong Kong, Taiwan and Korea. Besides fish caught in our seas or cultured in fresh water like milkfish and tilapia, various other types of seafood, which range from invertebrates, shellfish like shrimp, prawn and crabs, and seaweed, are also major exports, as demand for our country's rich marine product are always rising.
Metal Components
Textile machinery, grinding machines, steel structures, cylinders and many others comprise the metal components being exported from the Philippines. The Philippines is quite known for specialization on these metal components that other countries do not have the manpower to do. The closure of Japanese magwheel firms also helped shift the attention of acquisition to Asian countries such as the Philippines. The business of metal components has contibuted to the Philippines being able to create value-added and higher-end products to export as well as develop a highly specialized workforce.
Household Items, Woodcrafts and Furniture
The globe continues to rely on the Philippines for woodcrafts and furniture. The proliferation of products made from Acacia wood and narra are all part of the Philippine heritage and make for a unique part of one’s home or office. Various provinces around the Philippines take pride in being able to create works of art with wood as their canvas, like Paete, Betis and Cebu. Along with Filipino creativity and imagination, Filipino furniture, woodcraft, handicraft and household items are in demand elsewhere in the world and are highly sought-after for their quality, uniqueness and reliability. Craftsmen and woodcarvers are particularly highly regarded in their field and are respected the world over, creating unique and exotic beds, chairs, tables, cabinets, even doors from local materials like narra, rattan, bamboo and abaca.
Fashion Accessories, Textiles and Clothing
Topping the list of fashion accessories is the Rags2Riches bags produced by the women of the Payatas slum area in Quezon City, but this is not to be snubbed as the bags were designed by no less than Rajo Laurel. Fashion accessories are quite in trend and many people looking for the fresh and unique in fashion tend to look for export products from many countries, including the Philippines. Bags and purses are only some of the proud exports of the country that incorporate local, indiginous materials like mother of pearl, abaca, beads, and pina, among others. Even Holloywood stars bring these truly unique creations with them during high-profile events like award shows. Textiles and basic clothing like shirts and underwear remain a mainstay of Philippine exports though in constant competittion with our neighbors.
Petroleum Products
Topping the list of Philippine exports are petroleum products. Refineries from different companies acquire local and imported petroleum to be processed into a variety of oil-based products that are mostly used in industrial applications and are shipped to different countries around the world.
Electric Apparatus
High or low voltage electric apparatus are also exported by the Philippines to other countries. Over 50% of the export industry is anchored on the electric apparatus and semiconductors industry arm, and so are integral mainstays of the country's economy. A highly skilled and competent Filipino workforce is employed to create various electronic parts and gadgets that are sold on their own or are components of higher-end electronic products.
Semiconductors
Design in wafer, publication and testing continues to be lucrative export industries for Filipinos. The semiconductors never run out of use in this highly technological world. Though there may be some issues in environmental standards, these are optimistically being worked out to strike the balance between profit and environment friendliness. Mostly made in dedicated special industrial and manufacturing zones, companies that produce semiconductors employ a sizable number of skilled Filipino workers and bring expertise and sophistication to Philippine exports.
Computer Accessories
The influx of stores online and offline has helped enhance the volume of the Philippine export of computer accessories. Its reputation as a fast growing shipment since its boom in 2008 has helped it become a very reliable export source for the Philippines.