The country’s merchandise exports rebounded 5.1 percent to $5.2 billion in September to snap a 17-month decline on the back of strong demand for mineral products and electronic equipment and parts, the Philippine Statistics Authority said Thursday.
Imports in the same month grew 13.5 percent to $7.5 billion.
The National Economic and Development Authority attributed the export recovery to the rebound in all commodity groups, except forest products.
“Exports of manufactured products may continue to firm up in the near term, possibly riding on the growth of the global industry sector,” said Economic Planning Secretary Ernesto Pernia.
Exports were backed from manufactured products, up 4.8 percent; agro-based, 24 percent; petroleum, 71.7 percent; and mineral products, 4.7 percent.
Neda noted a recovery in most Asian countries and the rebound in global trade.
“Recent developments in China and Japan, which are the Philippine’s largest trading partners in Asia, provide good prospects for merchandise trade. The steady growth of China’s economy is a welcome development, and the Japanese government also appears to be on track reviving its economy,” Pernia said.
Pernia said aside from lifting the ban on bananas, China announced its intention to buy more high-value commercial crops from the Philippines, like mangoes and coconut, as well as high-end fishery products like lapu-lapu, crabs and tuna.
Meanwhile, the Neda attributed the double-digit growth of merchandise imports in August to hefty increases in the shipment of capital goods, which grew 15.8 percent, and consumer goods, which rose 47.7 percent.
The Neda chief said the expected upticks in prices of petroleum crude might push up Philippine import payments in the near- to medium-term. The strong outlook of the domestic economy is also seen to prop up purchases of imported goods.
“Amid these mixed developments and with risks mostly on the downside, the Philippines will continue to focus on bringing Philippine exports to more diverse markets,” said Pernia.
“Along with our improved bilateral relations with China, the country will correspondingly maximize opportunities from existing free trade deals, most notably the recently signed Philippines-European Free Trade Association agreement,” he said.