Philippine external trade grew 10% in August 2017 as a result of the positive performances of both imports and exports, according to the Philippine Statistics Authority (PSA).
External trade in goods in August 2017 reached US$13.42 billion, up from $12.20 billion registered in August 2016.
Exports rose 9.3% to $5.51 billion in August 2017 from $5.04 billion year-on-year, the ninth consecutive month of positive growth. Similarly, imports increased 10.5% to $7.92 billion in August 2017 from $7.17 billion in August 2016.
Growth was mainly boosted by shipments to Association of South East Asian Nations (ASEAN) member countries and the European Union, growing 13.9% and 31.3%, respectively.
Growth in exports to Hong Kong (21.9%), Thailand (29.5%), Germany (10.5%), South Korea (33.7%), and the Netherlands (34.5%) were also recorded.
Electronic products continued to be the country’s top export with total receipts of $2.86 billion, comprising a 51.9% share of the total exports revenue, and accounting for 25.4% of the total import bill valued at $2.01 billion.
“To help enhance this trade productivity, it is important to follow through with reforms that will develop the country’s potential in digital trade and e-commerce,” Undersecretary Rolando G. Tungpalan of the National Economic and Development Authority, mother agency of PSA, said in a statement.
Tungpalan said one such reform is the Philippine Customs and Trade Facilitation Project, a World Bank-financed, $200-million modernization plan for the Bureau of Customs (BOC), he said.
READ: WB designing $200M modernization plan for PH customs
The project is now being prepared for appraisal scheduled for November 27, while the World Bank board will review the proposal on July 12, 2018.
Tungpalan said this project can boost BOC’s efficiency, effectiveness, transparency, and revenue collection through an updating of its systems, procedures, and operational activities related to processing and clearance of imported and exported goods.
He also noted that TradeNet, an online trading platform targeted to become operational by December, is another trade-enhancing project that will enable faster electronic cross-border exchange of documents among ASEAN member states.
READ: TradeNet is online platform for PH National Single Window
He added that the passage of the Ease of Doing Business Act, or the Fast Business Permit Act, will further streamline processes and reduce transaction costs in starting and operating a business in the country.
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