Philippine exports surged 22.5 percent in January to $5.1 billion year-on-year on strong demand from China, South Korea, the European Union and the United States.
“We are now riding the waves of economic growth in the region. As such, we must continue to push for innovation and infrastructure development to fuel our momentum and drive us to the forefront of the race,” Economic Planning Secretary and National Economic and Development Authority director-general and Ernesto Pernia said.
Data from the Philippine Statistics Authority show that export earnings were propelled by growth in most commodities, led by forest (266.2 percent) and agro-based products (33.7 percent), and manufactures (23.1 percent).
As a result, total Philippine trade grew 14.2 percent in January 2017 to $12.6 billion year-on-year, backed by the surge in export receipts from most of the country’s traditional markets, the Neda said.
Imports rose 9.1 percent on year in January.
Export receipts from nearly all major markets experienced growth, with China increasing 26.3 percent; South Korea, 50.5 percent; Asean peers, 19.3 percent; European Union, 82.5 percent; and United States, 26.5 percent.
Import payments decelerated to $7.4 billion due to the decrease in demand for capital goods (-11 perent), which offset the gains of consumer goods (22.8 percent), raw materials and intermediate goods (15.2 percent), and mineral fuels and lubricants (42.7 percent).
“We must support our fast-growing economy by strengthening our production capability and linkages, particularly in agriculture and manufacturing, to help us meet both internal and external demands,” Pernia said.
All Asian economies also posted positive trade figures, with the Philippines registering the third highest year-on-year growth, behind Indonesia (21.1 percent) and Singapore (19.9 percent. Malaysian trade increased 12 while that of China improved 11.4 percent.
“This is a signal that our efforts in forging better relations with our Asian neighbors and the EU are finally paying off,” Pernia said.
However, he said global growth and trade risks remained amid US protectionist policies that might hamper global recovery, as counter-measures would be imposed by its trading partners.
“Aside from increasing our attractiveness and competitiveness through economic reforms, we need to diversify our market and take advantage of our existing multi-lateral and bilateral trade agreements to expand opportunities for our producers,” Pernia said.
