Exports up by 14% in Oct

The Philippine Statistics Authority (PSA) reported today that the country's total trade in October 2018 grew by 14.0 percent, reaching US$17.2 billion.

Exports climbed for a fifth consecutive month in October 2018 amid positive performances of manufactures and forest products.

However, the National Economic and Development Authority (Neda) reiterates the need for the government to stay the course and be bolder in supporting the country's key and emerging exports sectors to boost overall trade growth.

"With export growth unlikely to pick up pace in the near term and imports to continue to expand, stronger support must be given to key and emerging exports sectors in the country," Socioeconomic Planning Secretary Ernesto M. Pernia said. He added that implementing strategies in the Philippine Export Development Plan 2018-2022 becomes imperative especially for the electronics, processed food and beverage, and vegetables sectors.

Strategies include simplifying regulation, promoting competitiveness of industries, upgrading export quality and standards, facilitating access to financing, and promoting innovation.

Meanwhile, imports kept its double-digit growth as purchases of all commodity groups, led by purchases of capital goods, intermediate products and raw materials, increased.