Philippine exports of goods and services expanded by 5.1% year-on-year to US$25 billion in the third quarter of 2019, an improvement from the year-on-year growth of 4.3% in the second quarter of this year, according to the Department of Trade and Industry (DTI).
The growth in the third quarter was strengthened by an 8.6% year-on-year increase in services exports, which totaled $11.1 billion, and the 2.4% year-on-year uptick in goods exports valued at $13.9 billion. The year-on-year growth in the third quarter of 2019 was also despite the declines recorded monthly from July to September.
Growth in services exports was boosted by a double-digit increase in exports of travel services due to bigger international tourist arrivals, with information technology and business process management also contributing to the services exports’ good showing.
On the other hand, exports of electronics products, bananas, and forestry and mineral products contributed to the moderate increase in the exports of goods.
Goods and services exports climbed 3.7% year-on-year to $70.4 billion from January to September 2019. Services exports rose by 7.7% year-on-year to $30.6 billion, driven by travel services as well as technical, trade-related, and other business services. Meanwhile, goods exports increased by 0.7% year-on-year to $39.8 billion primarily because of fruits and vegetables.
DTI Secretary Ramon Lopez said the Philippines is pushing to conclude free trade agreements like the Regional Comprehensive Economic Partnership and the Philippine-Korea Free Trade Agreement in 2020 to expand market access for manufactured goods as well as agri-based products.
He shared that the Philippines is also working on a free trade agreement with the United Arab Emirates and exploring new export markets in consumer-rich Africa.
The trade chief said export marketing should be in tandem with increasing the supply to meet the demand of foreign markets.