Philippine trade in May 2017 grew 15.4% to US$13.7 billion from $11.9 billion in May 2016, owing to double-digit increases in both imports and exports.
Imports improved 16.6% to $8.2 billion in May 2017 from $7.1 billion in May 2016, while exports rose 13.7% to $5.5 billion from $4.8 billion, the Philippine Statistics Authority said.
From January to May, total trade grew 13.9% to $63.3 billion, with exports and imports growing by 16.3% and 12.3%, respectively.
“Our country’s trade growth is consistent with the global pick-up. We are striding forward with world trade performers and we intend to match this growth with sound macroeconomic policies,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a statement.
Pernia noted that trade growth in May was supported by the sixth consecutive double-digit growth of exports since December 2016 and by the recovery of imports from a 0.1% decline in April.
In terms of markets, countries in East Asia remain strong trade partners, with a 48.3% share in export revenue and 46.2% share in imports.
Trade with ASEAN is also strong, with a 15.7% share in export receipts and 26.1% share in inward shipments.
Exports to the European Union continued their third consecutive month of double-digit growth at 38.5%. Likewise remaining a promising destination is ASEAN, where shipments grew by 25.6% in May.
The government expects Philippine exports to increase by about $100 million annually in the next five years.
One factor for the growth is that travel goods such as bags and wallets from the country have been allowed to enter the U.S. market with zero tariff starting July 1 following the expansion of the U.S Generalized System of Preferences.
“As we aim to diversify our markets, we are pleased to note that our exports to Malta, United Arab Emirates, and India grew significantly,” rising 130.6%, 211.9%, and 71.9%, respectively, in the month, Pernia said.
He added that this is the fourth month this year that exports to UAE have almost tripled.
Trade with other Asian countries also posted double-digit growth rates, led by Vietnam (25.8%), Indonesia (24.1%), Malaysia (23.4%), and India (22%).
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