The European Union is now a net exporter to the Philippines amid the country’s rising demand for European products last year.
Delegation of European Union to the Philippines Chargé d’ Affaires Thomas Weirsing noted an increase in EU exports to the Philippines and almost flat growth in EU imports from the Philippines in 2019.
Weirsing, citing Eurostat data, said EU imports from the Philippines grew by 2 percent to 7.5 billion euros while EU exports to the Philippines grew 8 percent to 7.5 billion euros.
“This figure showed that, for the first time in many years, the EU has a marginal trade surplus with the Philippines of around 89 million euros, coming from a trade deficit of around 321 million euros,” Weirsing Thursday said during the book launch of “Ease of Doing Business 2020” at the Dusit Hotel.
Total EU-Philippine trade from January to November 2019 reached 15.1 billion euros, or almost 5 percent higher than 14.4 billion euros in the same months in 2018.