The National Economic and Development Authority (NEDA) expressed support for regional cooperation initiatives that will reduce trade costs and further boost Philippine trade, which recorded a 2.8% year-on-year growth to US$13.1 billion in September 2017.
Philippine exports recorded their 10th consecutive month of positive growth at 4.3% in September 2017, while imports posted a modest growth of 1.7% for the month.
“The third-quarter growth performance of several major economies such as the Eurozone, U.S., and China reflects an upbeat outlook for the global economy. Given this, we are optimistic that Philippine trade will pick up in the last quarter due to higher demand in the holiday season,” NEDA officer-in-charge and undersecretary Rosemarie G. Edillon said in a statement.
For exports, the growth of the country’s shipments to the European Union (40.0%) and Association of Southeast Asian Nations or ASEAN (7.6%) boosted total receipts for the period.
Higher sales were also recorded for the period from top export markets such as the U.S. (4.9%), Hong Kong (29.0%), Germany (4.6%), Netherlands (70.8%), and Thailand (7.1%).
For imports, growth of shipments from South Korea (52.9%), Indonesia (8.1%), Taiwan (6.5%), and Vietnam (40.0%) offset lower inward shipments from China (-7.3%), Japan (-8.1%), and the U.S. (-18.3%).
“We look forward to regional cooperation and integration being forwarded in APEC 2017 Vietnam and also in the upcoming 31st ASEAN meetings. We expect these initiatives to promote inter- and intra-regional trade and deepen engagement between regional blocs, as spelled out in the Philippine Development Plan 2017-2022,” the NEDA official said.
Edillon noted that establishment of a free-trade area in the Asia-Pacific, a call being made in the Asia-Pacific Economic Cooperation (APEC), can enhance trade and investment flows in the region and deepen ties among APEC member economies.
As for the ASEAN, she said that the ASEAN Business Advisory Council has urged the fast-tracking of non-tariff measures, non-tariff barriers, and the ASEAN Single Window initiative to further ease doing business in the region.
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