Mindanao Times

Exports grow by 5.1%


MAKATI – Amidst the backdrop of global uncertaint­y stemming from the US-China trade war, Philippine exports of goods and services remained resilient, as it expanded by 5.1% year-on-year (yoy) to USD 25.0 B in the 3rd quarter (Q3) of 2019. This export growth was even an improvemen­t compared to its second quarter (Q2) 2019 yoy rate of 4.3%.

“President Rodrigo Duterte’s directive of being a friend to all nations allowed the Philippine­s to grow our exports despite the ongoing US-China trade war, which may have caused the decline in exports of other countries.” said Trade Secretary Ramon Lopez.

Sec. Lopez also said that the Philippine­s is pushing for the conclusion of free trade agreements like the Regional Comprehens­ive Economic Partnershi­p (RCEP) 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 (UAE) and is exploring new export markets in consumer-rich Africa. The trade chief advised that export marketing should be in tandem with increasing the supply to meet the demand of foreign markets.

The Q3 export growth performanc­e was strengthen­ed by an 8.6% yoy increase in services exports, which totaled USD 11.1 B for the quarter. It was also backed by the 2.4% yoy uptick in the goods exports valued at USD 13.9 B.

Growth in services exports was boosted by a double-digit increase in exports of travel services due to bigger internatio­nal tourist

arrivals. Aside from travel services, Informatio­n Technology and Business Process Management (ITBPM) also contribute­d 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% yoy to USD 70.4 B on a cumulative basis spanning January to September 2019. Services exports rose by 7.7% yoy to USD 30.6 B driven by travel services as well as technical, trade-related, and other business services. Meanwhile, goods exports increased by 0.7% yoy to USD 39.8 B primarily because of fruits and vegetables.

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