Philexport sees export recovery in H2

The umbrella organization of Philippine exporters expects shipments of products to other countries to recover in the second half of the year, citing expected strong demand in preparation for the Christmas season.

“We think the exports performance should improve by the end of the second quarter,” Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. said in a telephone interview yesterday.

He said exporters start to receive orders for the Christmas season in the third quarter.

“This is when they start preparations for exports for Christmas,” he said.

Data released by the Philippine Statistics Authority showed total exports went down 3.8 percent to $5.76 billion in May this year from $5.99 billion last year.

Cumulative exports for the January to May period also declined five percent to $26.92 billion this year from $28.33 billion a year ago.

Ortiz-Luis said the lower exports result was partly due to the move of some exporters to cater to the domestic market given strong demand.

“Some of the sales of exporters are going to the local market because of high demand here. They are competing in the local market,” he said.

He also said the group remains positive the country’s exports would post growth this year.

Earlier, the National Economic and Development Authority said the economic development cluster has submitted for President Duterte’s approval the Philippine Export Development Plan (PEDP) 2018 to 2022.

The PEDP is a roadmap which seeks to enable exporters to improve their competitiveness and tap new trade opportunities.

It is also expected to help enable the country achieve its target for exports to reach $122 billion by 2022.